Imperial Takes 69% Profit Tumble

Imperial Oil, Canada's largest oil group, has said that its first quarter net income fell by sixty nine percent as prices for oil and other fuels fell and natural-gas production declined at the group. Net income dropped to C$106 million ($67.4 million) from C$340 million in the same period last year, the company said in a statement. Revenue fell by a quarter to C$3.49 billion from C$4.72 billion. The Toronto based company's petroleum products unit, which sells gasoline under the Esso banner, had a loss of C$37 million, compared with year earlier profit C$120 million, as sales fell and it made less money on each barrel of oil it refined. “They've lost money there big time,” said Wilf Gobert, an analyst with Peters & Co. The results may indicate “negative surprises” for Imperial rival Shell Canada, Royal Dutch/Shell Group's Canadian unit, Gobert said.

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