Stockholm – Lower crude oil prices and weaker sterling were among the factors behind a 23% drop in Nynas sales in the third quarter 2016, the Swedish speciality oil company has announced.
Operating results (EBITDA) dropped 25% to SEK541 million for the three months, while net income more than halved to SEK178 million from SEK409 million in the same quarter in 2015.
Sales volumes for naphthenic speciality oils and bitumen, however, increased 2%, said Nynas.
"The third quarter was a difficult one for Nynas and financial performance remained below expectations,” said CEO Gert Wendroth.
The effects of the delayed Harburg refinery start-up, which became operational in August, were also among contributing factors to the sluggish performance.