* Net income down 37 pct to 39.4 mln euros
* Beats analysts' estimate for 30.9 million euro profit
* Adjusted pre-tax profit up 4.3 pct on rising exports
ATHENS, May 28 Motor Oil, Greece's
second-biggest oil refiner, posted a 37-percent drop in
first-quarter profit compared with the same period a year ago
due to sharp fluctuations in the euro-dollar exchange rate and
the global oil price.
Net income fell to 39.4 million euros ($49.30 million) from
62.3 million, the company said, but beat the average forecast of
30.9 million from five analysts in a Reuters poll.
Stripping out the value of oil inventories, which fluctuates
with oil prices, the company said it slightly increased adjusted
pre-tax profit to 41.5 million euros from 39.8 million last
This was largely due to exports, as Motor Oil resumed sales
of refined products to Libya, whose market was closed last year
because of the country's civil war. Total exports rose by 31
percent to 1.1 million tonnes, accounting for more than half of
the company's overall sales volume.
Rising exports helped offset stagnant fuel demand in Motor
Oil's austerity-hurt domestic market, where the company runs a
petrol station network it acquired from Royal Dutch Shell