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Gunvor’s Profit Increases 4.4% as Margins on Oil-Trading Improve

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.