Saras Posts 2Q Net Loss on Lower Oil Prices

By Giovanni Legorano

MILAN--Saras SpA (SRS.MI), one of Italy's biggest private oil refiners, Friday said it made a considerably higher net loss in the second quarter than in the corresponding period of 2012, hit mainly by lower prices for oil refined products and the consequent devaluation of its oil inventories.

In June, Russian oil giant Rosneft (ROSN.RS) became a shareholder of Saras with 21% of the share capital, and the two signed an agreement to create a joint venture on crude oil and petroleum products trading.

Among the joint venture's future key activities are trading operations involving both parties' assets, as well as entering new markets using both companies' potential.

MAIN FACTS:

-Second-quarter net loss of 199.5 million euros ($266.5 million) compared with a net loss of EUR131.8 million the previous year.

-Second-quarter adjusted net loss, 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, totaled EUR46.3 million, compared with a net loss of EUR29.3 million over the same period in 2012.

-Revenue was EUR2.77 billion compared with EUR2.67 billion.

-Net financial position was minus EUR157 million, compared with minus EUR82 million.

Write to Giovanni Legorano at [e-mail]

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