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Nestle Oil Q1 IFRS Operating Profit Rises - Quick Facts

Nestle Oil Oyj (NTOIF.PK) Thursday released the Interim report for the three months ended 31 March 2012, stating that IFRS operating profit for the first quarter of 2012 increased to 188 million Euros from 171 million Euros reported for the corresponding period last year.

The company revealed that comparable operating profit for the three-month period improved to 76 million Euros from 43 million Euros reported for the first quarter of 2011.

The company attributed improved performance at renewable Fuels and supportive margins in the gasoline market as reasons for improved performance.

President & CEO Matti Lievonen said : "The strong gasoline market supported refining margins during the first quarter. Crude oil price increased, and the price differential between lighter and heavier crude oil was volatile, and widened towards the end of the quarter. As our refineries at Porvoo and Naantali operated smoothly, we were able to record a good result at Oil Products…."

by RTTNews Staff Writer

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