Saras SpA (SRS.MI), Italy's second-biggest independent refiner by capacity, Tuesday posted a net loss of EUR248.3 million for the fourth quarter of 2008, down from a net profit of EUR46.2 million a year earlier.

The company attributed the result to a pretax inventory loss of about EUR390 million, caused by falling oil prices, and a EUR10.9 million financing charge.

Refining margins reached $8.1 a barrel in the quarter, up 15% from $7.0 a barrel a year earlier.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, slipped to a loss of EUR275 million from a profit of EUR168.3 million, while revenue was EUR1.71 billion, down from EUR1.82 billion a year earlier.

The refiner said its adjusted net profit, which doesn't include changes in the after-tax value of inventories, after-tax non-recurring items and changes in the fair value of derivatives, rose to EUR95.1 million from EUR44.2 million a year earlier.

For 2008, Saras refined 113.3 million barrels of oil (or 15.5 metric tons), marking growth of 6% on year.

The company said it plans to pay a dividend of EUR0.17 a share on 2008 results, unchanged from the previous year.

The Milan-based company also said its "solid" balance sheet position allows it to remain positive for the medium term.

Saras said it expects Europe to remain "tight" in terms of desulphurization capacity in 2009, despite the current global recession.

Saras shares closed Tuesday 1.9% higher at EUR2.26, strongly outperforming the 0.3% gain in Italy's benchmark S&PMib Index.

Company Web site: www.saras.it

-By Liam Moloney and Jennifer Clark, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com
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