Motor Oil sees 17.6 pct jump in profits in H1

Greece’s second-biggest refiner Motor Oil reported a 17.58 percent rise in net profit after taxes and minority interests in the first six months of 2018, compared with the same period last year, the company said on Wednesday.

Turnover for the group increased 18.08 percent or by 677 million euros to 4.42 billion euros in the same period.

The rise in the consolidated turnover resulted from an increase of the average price of petroleum products (expressed in US dollars) by about 32 percent and the increase of the volume of sales by 4.14 percent, while part of it was offset from the weakening of the US dollar against the euro by approximately 12 percent.

EBITDA came to 287.02 million euros in the first half of the year, compared with 273.1 million in H1 of 2017.