Neste Oil 1Q Net Profit Up 6.7%; Sees Gradual Market Recovery

Finnish oil refining company Neste Oil Oyj (NES1V.HE) Thursday reported a 6.7% rise in first-quarter net profit and said market conditions will improve slowly but steadily.

"The rapid improvement in refining margins seen in February and March, compared to the end of 2009, was a positive surprise to us," Chief Executive Matti Lievonen said.

Neste Oil's net profit was EUR64 million for the three months to March 31, compared with a net profit of EUR60 million during the same period a year earlier, trailing expectations for a net profit of EUR65.5 million, according to a company survey of seven analysts.

Better refining margins in February and March helped results.

Revenue rose 33% to EUR2.73 billion, compared with EUR2.05 billion a year earlier. Analysts had forecast revenue at EUR2.45B.

Operating profit rose to EUR97 million from EUR95 million the previous year, below expectations for EUR100 million.

In its outlook, Neste Oil said diesel and middle distillate margins are expected to strengthen further in 2010, while gasoline margins will be softer in the second half of the year.

"Due to high inventory levels, coupled with new refining capacity coming on stream, we expect the recovery of refining margins to be a gradual one," Lievonen said.

Shares in Neste Oil closed at EUR12.77 Wednesday. During the last year, they have gained 32%, compared to a 42% increase in the broader Helsinki market.

Company Web site: http://www.nesteoil.com

-By Karl Bruze, Dow Jones Newswires; 46 8 545 130 95; karl.bruze@dowjones.com

Neste OYJ (PK) (USOTC:NTOIY)
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