SPC reports Q2 profit of S$179.2m, up 32% on year
Posted: 25 July 2007 1924 hrs

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SINGAPORE : Singapore Petroleum Company (SPC) said its second quarter net profit rose 32 percent on year to S$179.2 million.

The bottomline was supported by lower costs and robust refining margins.

However, revenue fell 15 percent to $1.97 billion.

SPC said refining margins remained robust during the quarter due to strong refined products demand from the region.

It believes margins are likely to remain healthy for the rest of the year.

SPC shut a distillation complex for maintenance for 26 days during the second quarter, which resulted in a 9.2 percent reduction in throughput.

The company is recommending an interim dividend of 20 cents per share. - CNA /ls