Greek Investment Bank sees Motor Oil profits down in Q2

Greek refiner Motor Oil is expected to show a reduction in earnings before interest, taxes, depreciation and amortization (EBITDA), as well as net profits in the second quarter of the year, the Greek Investment Bank estimated on Tuesday, attributing the downturn to maintenance work at the firm’s distilleries.

Analysts estimate the company’s EBITDA to come to 118.1 million euros, down 35.5 percent on a year-on-year basis.

Motor Oil’s net profits are seen dropping 48 percent year-on-year to 52.2 million euros. The refiner is due to announce its financial results on Monday.