Moroccon refiner Samir issues profit warning

RABAT – Morocco’s sole refiner Samir issued a profit warning on Wednesday, saying the fall in oil prices would hit results despite 15 pct increase in local sales and improved margins.

“Like other refineries in the world, the strong oil price drop to around $65 from $110 in July will affect negatively the stock’s value in 2014,” a company statement said.

Samir is controlled by Corral Holding.