An increase in all of ?MOTOR OIL(HELLAS)? figures resulted in the Company sustaining a steady course of high profitability for the first quarter of 2003.
Earnings Before Taxes amounted to euro 48.3 million for 2003 compared to euro 26.3 million for the respective quarter of 2002.
Earnings Before Depreciation, Interest and Taxes (EBITDA) for the period amounted to euro 54.6 million compared to euro 37.4 million for the respective quarter of 2002.
Turnover for the quarter of 2003 amounted to euro 497.4 million compared to euro 339.5 million for the respective quarter of 2002.
Sales volume amounted to 1.824 thousand Metric Tonnes an increase of 13% from the relevant figure of 1.617 thousand Metric Tonnes for the respective quarter of 2002. This increase is mainly noted in Export sales while Domestic and Bunkering sales remained at previous year's levels.
The Company's inventories remained at low levels.
AVINOIL's results also showed a similar upward movement during the first quarter of 2003 with Earnings Before Taxes amounting to euro 3.5 million compared with eiro 2.5 million for the respective quarter of 2002.
Turnover for the quarter of 2003 increased to euro 166.7 million compared to euro 140.5 million for the respective quarter of 2002.

MOTOR OIL SUMMARY RESULTS (in 000 EURO)
3-MONTH 2003 3-ΜONTH 2002
TURNOVER 497.446 339.514
EBITDA 54.630 37.361
DEPRECIATION 7.114 5.938
EARNINGS BEFORE TAX 48.288 26.245

AVINOIL SUMMARY RESULTS (IN 000 EURO)
3-ΜONTH 2003 3-ΜONTH 2002
TURNOVER 166.748 140.478
EBITDA 4.261 3.692
DEPRECIATION 773 698
EARNINGS BEFORE TAX 3.513 2.536