28 October 2010 21:49 [Source: ICIS news]
HOUSTON (ICIS)--Sunoco swung to a third-quarter net income of $65m (€47.5m), up from a $312m net loss in the 2009 third quarter as revenues increased 12.2%, the US refiner said on Thursday.
Revenues were $9.48bn, up from $8.45bn in the year-earlier quarter.
Excluding special items, Sunoco had income of $27m, compared with a loss of $34m in the 2009 period. The company’s profit resulted from strength in its retail, logistics and coke operations, chief executive Lynn Elsenhans said.
Meanwhile, Sunoco’s $44m loss from continuing operations in its refining and supply business was an improvement from a $118m loss in the 2009 third quarter, largely due to higher margins and lower expenses, the company said.
“Despite posting a loss, our refining and supply segment’s year-over-year improvement in financial performance reflects our continued focus on the fundamentals: margin capture, sustainably lowering our break-even cost per barrel, and running our facilities safely and reliably,” Elsenhans said.
The overall crude utilisation rate for the company was 94% in the quarter, well above 74% in the year-earlier period, the company said.
However, Sunoco cautioned that transportation fuels were likely to face continued weak demand, abundant supply and pressured margins for the foreseeable future.
Sunoco’s chemicals business reported income from continuing operations of $3m, up from a $2m loss in the 2009 quarter on higher sales.
($1 = €0.73)
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