Essar Oil profit at $244 mn; enters UK’s retail market

Essar Oil UK, which owns and operates the Stanlow refinery, on Monday said its net profit rose over three-fold to $244 million in 2015-16, aided by cost-optimisation

Essar Oil UK, which owns and operates the Stanlow refinery, on Monday said its net profit rose over three-fold to $244 million in 2015-16, aided by cost-optimisation measures. The firm, led by the Ruia family, had clocked a net profit of $70 million in the previous fiscal. However, its gross revenues for the 12 months fell 34% to $4.99 billion, against $7.62 billion reported in 2014-15, primarily due to lower crude oil prices, which declined 44% year-on-year.

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