October 24, 2008
Neste Oil Reports Decrease in Q3 Operating Profit
Neste Oil, engaged in the refining and marketing of oil, has reported an operating profit of E44 million for the third quarter of 2008, compared to E180 million for the same period of 2007.
The company reported strong comparable operating profit of E199 million for the third quarter of 2008, compared to E159 million for the same period of 2007. Third quarter total refining margin reached a new record of $13.54 per barrel, compared to $10.20 per barrel.
Jarmo Honkamaa, deputy CEO of Neste Oil, said: "We are satisfied with our strong results in what was a really exceptional environment in the third quarter. The oil market witnessed even higher-than-normal volatility, and crude oil prices dropped rapidly and significantly after rising for eight months."