Greece
's second-biggest refiner and fuel
retailer Motor Oil reported a bigger than expected profit fall for 2012,
weighed down by low crude prices and weak fuel demand in its crisis-hit home
market.
Fuel tax
increases imposed by
Greece
's cash-strapped government have
made the country's gasoline prices the third-highest in theeuro zone,
pushing down Motor Oil's domestic refining sales volumes by 23 percent, the
company said on Wednesday.
Lower
refining margins and crude prices also hit the bottom line, with net profit
sliding to 78.2 million euros ($102 million), from 143 million euros in 2011.
A 36 percent
rise in exports could not offset the domestic sales decline, with net income
falling short of an average forecast of 98.5 million euros in a Reuters poll of
analysts.
Stripping
out the effect of falling oil prices on inventories, Motor Oil's underlying
profit fell at a slower pace.
Adjusted earnings before
interest, tax, depreciation and amortisation (EBITDA) dropped by 4.8 percent to
303.6 million euros.