Motor Oil posts loss of 83.5m euros for fourth quarter of 2014

The Motor Oil Group has reported a loss of 83.5 million euros for the fourth quarter of 2014, according to Reuters. Also, the petroleum refining corporate group incurred an EBITDA loss of 74.1 million euros, the report noted.

The group reported a pretax loss of 108 million euros in 2014, from a pretax profit of 19.9 million euro in 2013. The unadjusted EBITDA figure reached 51.5 millon euros in 2014 from 185 million euros in 2013.

The group’s results were affected by the reduction in value of existing stock, which reached 251 million euros, impacted by the drastic reduction of crude oil prices in the international market since last summer.

In 2014, exports dominated the Motor Oil Group’s activity, representing 66 percent of total turnover, in volume terms.