SINGAPORE - Singapore Petroleum Co on Tuesday reported a 99 per cent fall in quarterly net profit and said it expected to continue being affected by the global financial crisis and oil price volatility.
The oil refining and marketing firm said it earned S$619,000 (US$$418,000) in the three months to the end of September, compared with S$98.1 million a year earlier.
According to Reuters calculations, refining margins in Singapore for complex units cracking benchmark Dubai crude made an average of US$5.80 a barrel in the third quarter, historically decent but below the US$7.18 average of the past year.
Margins rose in September as benchmark US crude oil prices plunged from a record near-US$150 a barrel in July to around US$100 by the end of the quarter.
Shares in SPC fell 29 per cent in the quarter, versus a 20 per cent fall in the benchmark Singapore index in the same period.
Keppel Corp, the world's number-one offshore oil drilling rigs builder, owns 45 per cent of SPC, which equally shares ownership of a 285,000 barrels a day refinery in Singapore with US oil major Chevron.
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