Petroplus has reported net income of $67.8 million, or $0.99 per share, for the third quarter of 2007, compared to $294.9 million, or $7.55 per share, in the same period of 2006.

For the nine months ended September 30, 2007, Petroplus reported net income of $166.4 million, or $2.55 per share. The company said that the financial and operational results for the three and nine months ended September 30, 2007 are not comparable to the corresponding periods in 2006.

During 2007, the timing of refinery acquisitions limits the comparability of the financial and operational results between the quarters of 2007. For the third quarter of 2007, refining and marketing EBITDA of approximately $171 million reflects the operations for five refineries, Coryton, Ingolstadt, BRC, Cressier and Teesside. The BRC refinery was down for July for the finalization of the extensive scheduled maintenance turnaround program that began in the second quarter.

Karyn Ovelmen, chief financial officer of Petroplus, said: During the third quarter of 2007 we have continued to pay down existing indebtedness with free cash flows from operations and ended the period with a net debt-to-net capitalization ratio at September 30 of approximately 29%. We ended the quarter with approximately $200 million in cash, $1.2 billion of debt outstanding and $2.4 billion of shareholders equity. We expect to further reduce the gearing ratio with the free cash flows generated through the end of the year.