Neste Oil Q1 Profit Surges

NESTE OIL OYJ ADR NTOIY reported a surge in its first-quarter profit. Neste Oil's quarterly comparable operating profit climbed to 215 million euros ($233 million), versus EUR50 million, in the year-ago quarter. Its net profit jumped to EUR180 million, versus a year-ago profit of EUR25 million, while revenue slipped to EUR 2,744 million from EUR 3,510 million. President & CEO Matti Lievonen said, "The year has started positively in a very favorable refining margin environment. We are also pleased with the internal performance in all our business areas. Neste Oil recorded a strong comparable operating profit of EUR 215 million during the first quarter, compared to the EUR 50 million during the corresponding period last year." The company earlier this week lifted its profit outlook for the full year.