The company has reported net income from continuing operations of $137.1 million, or $2 per share, for the fourth quarter of 2007, compared to net loss from continuing operations of $3.2 million, or $0.07 per share, for the fourth quarter of 2006.
For the year ended December 31, 2007, the company reported refining and marketing EBITDA of approximately $629 million.
Thomas O’Malley, chairman and CEO of Petroplus, said: We added two significant refineries, Coryton and Ingolstadt, to our portfolio of assets, and essentially rebuilt the BRC refinery to bring it up to our standards of safety and operational reliability while improving its yield.
While we have experienced unplanned downtime at our refineries during the year, the contribution of these refineries has exceeded our expectations and the true earnings power of the five refinery assets is still to be seen in 2008. With all five of our refining assets and with the expected acquisition of the French refineries early this year, Petroplus is in a firm position to capitalize on the favorable market conditions we see for 2008.
