Greece's second-biggest refiner Motor Oil said on Wednesday profit jumped fivefold in the first quarter, beating analysts' forecasts, helped by increased output and the higher value of its oil inventories. Net income rose to €62.4 million ($87.76 million) from €12.5 million in the same period last year. Analysts in a Reuters poll had forecast net profit of €44.2 million on average.
A new distillation unit, which started operations in May, helped production volume rise 20% to 1.96 million metric tons, the company said in a presentation. Sales surged 64% to €1.82 billion, also helped by the acquisition of Shell's Greek petrol station network.
As a result of higher oil prices, the company posted a gain of €35 million from the rising value of its oil inventories, compared with a gain of €4 million in the same period last year. Earnings before interest, depreciation and amortization (EBITDA) surged to €118 million, also exceeding a forecast for €97.1 million.
