Oil Trader Gunvor Reports Record Profits for 2015 Despite Lower Revenues
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Oil Trader Gunvor Reports Record Profits for 2015 Despite Lower Revenues
One of the biggest traders of crude oil and oil products, Gunvor Group Ltd, published today its final financial results for 2015. The company reported a visible increase in net profits after taxes, despite registering a decline in revenues.
The revenues of Gunvor when compared to 2014 slumped by 27 per cent or $24 billion to mark $64 billion. The decrease in operating revenues was due to the ongoing slump in oil prices with the price of crude oil throughout 2015 averaging about $50 per barrel.
Despite the decline in oil prices, the firm reported that its net profit after tax for 2015 totaled $1.25 billion, which is an increase ... (read more)
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