Trafigura reports 53% net profit drop
Profit down to $222 million due to change in oil market conditions
LONDON: Trading house Trafigura reports 29 per cent rise in revenue to $86.9 billion (Dh319 billion) in September 2017 to March 2018, traded oil volumes up 16 per cent to 5.8 million barrels per day.
Profit down 53 per cent to $222 million due to change in oil market conditions, the one-off impact of the remeasurement of deferred tax assets as a result of the US corporate tax reform. Gross profit falls 21 per cent to $979 million. The gross profit margin was 1.13 per cent versus 1.84 per cent a year ago. Earnings before interest, tax, amortisation and depreciation (EBITDA) was $658 million, down 29 per cent. The adjusted debt-to-equity ratio was 1.33 times, up from 1.24 times on Sept. 30, 2017. (Reuters)
