Gunvor’s Profit Increases 4.4% as Margins on Oil-Trading ImproveAndy Hoffman
Gunvor Group Ltd., the oil trader controlled by billionaire founders Torbjorn Tornqvist and Gennady Timchenko, said first-half profit rose 4.4 percent as better margins and gains on investments offset lower revenue.
Net income climbed to $162.6 million from $155.7 million a year earlier, Gunvor said today in a filing to the Singapore Stock Exchange. Revenue fell 6 percent to $44.8 billion.
Closely held Gunvor is the fifth-largest independent commodity trader, based on its 2012 full-year revenue of $93 billion. The firm, based in Cyprus and with its major trading business run out of Geneva, handles mostly oil and oil products and was founded in 2000 as a buyer and seller of Russian crude.
First-half operating profit rose 25 percent to $197.3 million, it said today. Gunvor sources crude oil from more than 35 countries, trading about 2.5 million barrels a day, according to its website.