Ipiranga reverses loss, year-to-Sep profit R$ 122m

Brazilian oil company Companhia Brasileira de Petroleo Ipiranga on Wednesday reported net profits of R$ 122.45 million ($1 = R$ 2.91) for the first nine months of the year. Gains per share stood at R$ 0.00231. In the same period last year, by contrast, Ipiranga registered net losses of R$ 150.80 million. Net revenue rose 39.5% to R$ 10.54 billion between January and September, while the operating result went from R$ 97.73 million in the red to R$ 141.23 million in the black. At the end of September, Ipiranga's net equity was R$ 939.4 million. Ipiranga's refining unit had net profits of R$ 112.67 million in the first nine months of the year while its distribution unit had profits of R$ 74.14 million over the same period. by Aline Cury Zampieri