US Sunoco reports $63m loss on PP sale, lower refinery margins

29 April 2010 21:58  [Source: ICIS news]

HOUSTON (ICIS news)--US refiner and phenol producer Sunoco reported on Thursday a first-quarter net loss of $63m (€48m), down from a net income of $12m due to the company's refining segment and special charges connected to the sale of its polypropylene (PP) business to Braskem.

Sunoco reported a $44m charge related to the sale, the company said. Another $20m charge was connected to the shutdown of Sunoco's Eagle Point refinery in New Jersey.

Excluding special items, Sunoco reported a first-quarter income of $17m, down from $59m for the same time last year.

By segment, Sunoco's refining reported a first-quarter loss of $42m from continuing operations, down from earnings of $14m. Sunoco attributed the loss to lower margins and production volumes, which were partially offset by lower expenses.

The company's retail segment posted earnings of $21m, up from $6m. Chemicals reported earnings of $3m from continuing operations, up from a loss of $12m.

Logistics earned $17m, down from $30m. Coke reported $37m, up from $25m.

First-quarter revenue was $8.19bn, up from $5.95bn for the same time last year.

($1 = €0.76)

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By: Al Greenwood
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