Greek refinery Motor Oil Hellas has posted a further improvement of financial results, reporting a net profit after tax of 48.7 million euros for the first quarter of 2016, up from 41.7 million euros during the equivalent period last year.

Motor Oil’s EBITDA figure reached 115.4 million euros in the first quarter from 104.3 million euros in the equivalent period last year.

The refinery’s pretax profit amounted to 69.2 million euros in the first quarter of 2016 from 57.2 million euros in the first quarter of 2015.

The company posted a sales increase, in terms of volume, to 3.1 billion metric tons, from 2.9 billion metric tons in the first quarter of 2015.

Its adjusted EBITDA profit reached 127.4 million euros in the first quarter from 113.3 million euros in the equivalent period last year.