Neste Oil’s interim report for January–September 2010
– Refining margins and operating profit improved in the third quarter
Third quarter in brief:
• Comparable operating profit of EUR 57 million (Q3/2009: 42 million)
• IFRS operating profit of EUR 143 million (Q3/2009: 113 million)
• Total refining margin of USD 7.48/bbl (Q3/2009: 5.97)
• Net cash from operations of EUR 5 million (Q3/2009: 162 million)
• Investments totaled EUR 190 million (Q3/2009: 216 million)
• Start-up of the renewable diesel plant in Singapore proceeded well, with operations scheduled to begin during the fourth quarter
President & CEO Matti Lievonen:
“As we anticipated in July, the Oil Products segment reported a good result in the third quarter. This was thanks to our focus on diesel fuel, which saw higher margins, good operational performance at our refineries, and a strong contribution by the base oils business compared to the same period in 2009. I’m also pleased to report improved profitability at Oil Retail, which underlines the success of our efforts to enhance cost efficiency. These programs have been implemented across the Group and we expect their results to be in line with what we indicated last year.
Our first world-scale renewable diesel plant in Singapore is due to start up in the near future and will mark an important strategic milestone for Neste Oil. The plant will be ramped-up in steps to the full capacity.”
Matti Lievonen, President & CEO, tel. +358 10 458 11
Ilkka Salonen, CFO, tel. +358 10 458 4490
Investor Relations, tel. +358 10 458 5132
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