The group’s second quarter 2008 revenues stood at E2.4 billion, up 41%, compared to E1.71 billion for the second quarter of 2007; while the first half 2008 revenues were E4.46 billion, up 39%, compared to E3.2 billion for the first half of 2007.
Saras has reported adjusted group net income of E172 million for the first half of 2008, up 14%, compared to E150.6 million for the first half of 2007. The company’s adjusted group net income for the second quarter of 2008 was E97 million, up 15%, compared to E84.4 million for the second quarter of 2007.
The group’s comparable earnings before interest, taxes, depreciation and amortization (EBITDA) was E340 million, up 0.5% compared to E338.6 million for the first half of 2007. Comparable EBITDA of E192 million for the second quarter of 2008 was in line with E191.5 million for the second quarter of 2007.
Saras reported a refining margin of $9.4 billion for the first half of 2008, up 15%, compared to the first half of 2007. Refining margin for the second quarter of 2008 was $11.3 billion, up 14% year-on-year.
GianMarco Moratti, chairman, said: In a period characterized by high volatility of oil prices and an exceptionally strong euro versus the dollar, Saras achieved satisfactory results, hitting all the operational targets and fully exploiting its superior exposure to the diesel market, which recorded the strongest performance amongst other oil products during the first half of 2008.
