UPDATE 1-Motor Oil profit drops, meets estimates

* Nine month net profit falls 5.8 pct y/y on margins

* Narrower refining margins hurt profitability

(Adds details)

ATHENS, Nov 11 (Reuters) - Greek refiner Motor Oil (MORr.AT) said on Wednesday nine-month net profit dropped to 125.5 million euros ($188 million) from 133.2 million in the same period last year, hurt by narrower refining margins.

The earnings were in line with analysts' average forecast of 125.2 million euros in a recent Reuters poll.

The company's reported refining margin dropped to 68.1$ per metric tonne, from 96.7$ in the corresponding period last year.

This also affected earnings before interest, tax, depreciation and amortisation (EBITDA), that slipped to 198.7 million euros, in line with analysts' forecast, from 243.5 million in the same period a year earlier.

Motor Oil, which derives about 90 percent of its profit from its sole refinery near Athens, agreed in September to buy the Greek service stations network of Royal Dutch Shell (RDSa.L) to lessen its dependence on refining operations. (Reporting by Harry Papachristou; editing by Elaine Hardcastle)