Italys Saras rises as high refining margins drive strong Q1 results

  div classBodysc17zpet90 cdBBJodivpReuters – Italian refiner Saras said on Monday its firstquarter comparable core earnings swung to a profit helped by surging oil prices and diesel refining margins, driving shares up 7.3.p

  pThe group reported comparable adjusted earnings before interests, taxes, depreciation and amortization EBITDA of 62.0 million euros 64.62 million in the three months to March, up from a loss of 11.2 million in the same period last year.pdivdivdiv classBodysc17zpet90 cdBBJodiv

  The refiner says it expects a positive impact on its net financial position in the second quarter of the year from surging diesel refining margins. p

  The financial position was negative for 445 million euros in the first quarter, the group says. p

  By 1418 GMT the stock rises 9.5, outperforming a broadly flat Italian allshare index.p

  1 0.9594 eurosp

  Reporting by Federica Ursop

  divdivdiv classBodysc17zpet90 cdBBJodivdivdiv

Be the first to comment

Leave a Reply

Your email address will not be published.