06 May 2009 12:34 [Source: ICIS news]
LONDON (ICIS news)--Calumet has reported first-quarter net income of $75.6m (€56.7m), up from a loss of $3.4m in the same period last year, the US base oil supplier said on Wednesday.
The company said the rise was due primarily to an increase of $44.1m in gross profit and increased derivative gains of $30.6m.
“The increase in gross profit was primarily due to the significant decline in crude oil prices leading up to and sustained during the first quarter of 2009 as compared to the rapidly rising crude oil price environment in the first quarter of 2008,” said Calumet.
Operating income for the three months was $53.0m compared with $1.4m in 2008, while sales dropped 30% to $414.3m.
"Our proactive approach to managing our business in the current economic environment helped us to achieve good performance in the first quarter despite weaker demand for specialty products," said Calumet CEO and president Bill Grube.
“We are attempting to offset the impacts of this weaker demand by broadening our marketing efforts and focusing on specialty product development,” he said.
($1 = €0.75)
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