29 October 2009 10:48 [Source: ICIS news]
LONDON (ICIS news)--Neste Oil's renewable fuels segment posted a third-quarter comparable operating loss of €6m ($8.8m) due to squeezed margins, the Finland-based refining and marketing company said on Thursday.
The comparable operating loss reported in the 2008 third quarter was €3m, Neste said, while the comparable operating loss in the 2009 second quarter was €7m.
The segment's third-quarter revenues were €59m, which was significantly higher than the €27m in revenues reported in the 2008 third quarter and up from the second quarter’s revenues of €38m.
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At the group level, comparable operating profit for the quarter was down 79% year on year at €42m, which was largely due to a 56% year-on-year drop in refining margins, the company said.
Quarterly revenues were down 44% at €2.5bn due to lower oil prices, Neste said.
The reported net profit for the quarter was €74m, up from €34m that was recorded in the 2008 third quarter, it said.
($1 = €0.68)
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