Saras third-quarter core earnings beat expectations

MILAN (Reuters) - Saras , one of Italy's top oil refiners, said its core earnings in the third quarter rose more than six times thanks to higher refining margins.

The company also approved a reorganisation plan to transfer the refining business to a new subsidiary fully owned by Saras, a move analysts said could revive takeover speculation.

At 1054 GMT Saras shares were up 5.4 percent while the European oil index <.sxep> was down 1.5 percent.

"A good set of results. But the shares might also be boosted by a return of speculative interest given the mention of a reorganisation project," a Milan-based analyst said.

Press reports have regularly surfaced of foreign interest in Saras, including from Azeri group Socar. In September Rosneft President Igor Sechin met the Saras chairman to look into joint commercial opportunities.

Italian energy group ERG has sold down its stake in its Sicilian refinery to Russia's Lukoil to reduce its exposure to the volatile sector.

Comparable earnings before interest, taxes, depreciation and amortisation (EBITDA) were 145 million euros ($184.31 million), topping a company-provided consensus of 134 million euros.

The company's refining margin in the quarter jumped almost 11 times from the previous quarter to $5.4 a barrel.

After a weak year, refinery margins peaked in the third quarter due to low inventories of refined products and supply outages in Europe and the U.S., lifting European refiners.

Hungary's MOL said on Wednesday its third-quarter profit almost doubled thanks to a strong performance by its refining business.

Saras said it expected refinery maintenance in 2013 to be much lighter than in 2012.

Maintenance next year is seen reducing its core earnings by $37-46 million compared to a reduction of $78-80 million this year, it said.

($1 = 0.7867 euros)

(Reporting By Stephen Jewkes; Editing by Louise Heavens)

Source: http://news.yahoo.com/saras-third-quarter-core-earnings-beat-expectations-105615564--finance.html

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