ATHENS, Feb 25 - Greece's second-largest refiner, Motor Oil Hellas , said on Wednesday net profit fell 48 percent to 78 million euros in 2008, as a slump in oil prices hit the value of its inventories.
The lower crude oil price last year has forced refiners to take a charge on fuel inventories. The company said revenue rose 35.3 percent to 5.5 billion euros ($7 billion) in the period.
Motor Oil said it would propose a dividend of 0.60 euros a share on 2008 earnings, down 50 percent from 1.2 euros a share a year earlier.
Motor Oil shares trade at 5.7 times estimated 2009 earnings, at a discount to 6.3 times for its European peers, data from Reuters Estimates showed. Analysts said lower refinery margins due to the global crisis were expected to hurt the company more than its peers.
The stock, though down 48 percent in the last 12 months, has outperformed the Athens bourse's general index .ATG, which has lost 67 percent in that period.
The lower crude oil price last year has forced refiners to take a charge on fuel inventories. The company said revenue rose 35.3 percent to 5.5 billion euros ($7 billion) in the period.
Motor Oil said it would propose a dividend of 0.60 euros a share on 2008 earnings, down 50 percent from 1.2 euros a share a year earlier.
Motor Oil shares trade at 5.7 times estimated 2009 earnings, at a discount to 6.3 times for its European peers, data from Reuters Estimates showed. Analysts said lower refinery margins due to the global crisis were expected to hurt the company more than its peers.
The stock, though down 48 percent in the last 12 months, has outperformed the Athens bourse's general index .ATG, which has lost 67 percent in that period.
