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Gunvor Group Says 2011 Profit Was $300 Million to $400 Million

July 17 (Bloomberg) -- Gunvor Group Ltd., a closely held energy trader, said it had a profit in 2011 of between $300 million and $400 million.

“Gunvor has every year without exception made an excellent return on equity, and continues to grow steadily and profitably,” the company said today in an e-mailed statement. Profit in 2010 was also between $300 million and $400 million, the company previously reported.

Gunvor is co-owned by Russian-Finnish billionaire Gennady Timchenko, and Torbjorn Tornqvist, its Swedish chief executive officer. Its main trading offices are in Geneva and Singapore.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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