Saras 4Q Net Loss EUR248.3M Vs EUR46.2 Million Net Profit

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 has scheduled a conference call Tuesday at 1500 GMT.

Saras shares closed Tuesday at EUR2.22.

Company Web site: www.saras.it

-By Liam Moloney and Jennifer Clark, Dow Jones Newswires; [phone]; [e-mail]