Saras SpA (SRS.MI), Italy's second-biggest independent refiner by capacity, said Tuesday its second-quarter net profit fell 64% on year, hurt by lower refining margins and slower consumption amid a weaker economy.

In a statement, Saras said second-quarter net profit dropped to EUR21.1 million from EUR58.8 million. Refining margins for the first half of this year reached $0.80 a barrel, down 61% from $2.1 in the January-June period in 2009.

Refining margin for the second quarter was $1.2 per barrel.

Revenue for the second quarter increased to EUR2.18 billion from EUR1.11 billion.

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, was EUR2.4 million, compared with a EUR18.3 million loss.

It refined 24.3 million barrels of oil, or 23% more than in the April-June period of 2009.

Saras has scheduled a conference call for 1300 GMT, Tuesday.

Shares closed Monday at EUR1.49.

Company Web site: http://www.saras.it

-By Jennifer Clark and Liam Moloney, Dow Jones Newswires; +39 06 678 2543; jennifer.clark@dowjones.com

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