Saras Reports 83 Percent Fall in Earnings
- Aug. 12 2013 00:00
- Last edited 19:52
MILAN — Italian refiner Saras, in which Rosneft bought a 21 percent stake earlier this year, reported an 83 percent fall in second quarter core earnings partly due to a cut in tariffs in its power generation business.
The refiner said Friday that its comparable earnings before interest, tax, depreciation and amortization were 5.8 million euros ($7.8 million), below a consensus analyst forecast provided by the company of 11 million euros.
Saras' business includes thermal power generation and wind power generation as well as an oil refinery.