04 May 2011 13:46 [Source: ICIS news]
LONDON (ICIS)--Calumet swung to a first-quarter net profit of $4.2m (€2.8m), compared with a net loss of $13.1m in the same period in 2010, the US-based lube oils, solvents and waxes producer said on Wednesday.
The improved net profit was driven by higher specialty product sales volumes and higher specialties prices, Calumet said.
The 2011 and 2010 first-quarter results included unrealised derivative losses of $400,000 and $7.8m, respectively, it added.
Calumet said its first-quarter sales were up 25% year on year at $605m.
“Specialty products production levels improved quarter over quarter. Our fuels production was reduced in the first quarter due to the planned turnaround of various operating units at our Shreveport refinery,” said Calumet CEO Bill Grube.
“We continue to focus on increased run rates to meet higher demand for our specialty products and to better benefit from improved fuel products crack spreads.”
($1 = €0.67)
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