Motor Oil has posted a net profit after taxes of 100.2 million euros for the second quarter of 2015, following a loss in the equivalent period last year, as a result of higher refining margins and a stronger dollar.
Total turnover for the second quarter reached 2.03 billion euros from 2.3 billion euros in the equivalent period last year.
As for the company’s performance over the first half of 2015, the corporate group’s total turnover fell by 871,288 euros, or 19.24 percent, compared to the first half of 2014. The decline was attributed to the significant drop in petroleum product prices, down by an average of 44 percent.
A large part of the corporation’s reduced consolidated turnover figure was offset by the significant rise of the US dollar against the euro currency, up by 18.57 percent, as well as an increase in sales volume, up by 1.31 percent.
The company’s first-half EBITDA figure rose to 287.46 million euros from 61.49 million euros in the first half last year.
Pretax profit for the first half reached 193.42 million euros following a loss of 16.02 million euros incurred during the equivalent period last year. Profit after tax for the second half totaled 141.9 million euros following a loss of 15.7 million euros in the equivalent period of 2014.
During the first half of 2015, the price of Brent peaked at 66.65 dollars per barrel and fell to a low of 45.22 dollars a barrel, averaging 57.81 dollars per barrel over the six-month period. The price level has dropped further since June 30.
Motor Oil noted that it has not been affected by capital controls imposed in Greece as the corporation’s exports, which traditionally make up the bulk of its sales, are financing its crude oil purchases for uninterrupted supply to its refineries.
The company noted it is anticipating further tax charges, both for second half and the entire year as a result of a recent tax rate increase to 29 percent from 26 percent.