August 27, 2012 / 2:30 PM / 5 years ago

Motor Oil first-half profit drops, broadly in line with estimates

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ATHENS, Aug 27 (Reuters) - Greece's second-biggest refiner Motor Oil said on Monday profit dropped 74 percent in the first six months of the year, weighed by falling crude prices and shrinking fuel demand in the austerity-hit country.

Net income was 27.6 million euros ($34.5 million) from 105.1 million euros in the same year-ago period, it said in a results presentation. Falling crude prices reduced the value of the company's oil inventories by 45 million euros.

The result was broadly in line with an average analyst net profit forecast of 28.6 million euros in a Reuters poll. ($1 = 0.7989 euros) (Reporting by Harry Papachristou)

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