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 giovanni.legorano@wsj.com
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