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Imperial Oil posts $196M benefit in second quarter, upper earnings

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Imperial Oil Ltd. had a $196-million profit in the second quarter and a nearly 36 per cent increase in revenue, marking a turnaround from the loss it experienced a year earlier.

The quarter’s net income was 24 cents per share, which compared with a year-earlier loss of $77 million or nine cents per share.

Total revenue was $9.5 billion, up about $2.5 billion from a year earlier.

Imperial’s downstream activities were the major drivers of growth during the quarter.

Analysts had estimated 53 cents per share of net income and about $8.8 billion of revenue, according to Thomson Reuters Eikon.

The company said it expects its operational performance to be stronger in the second half of 2018 due to completion of maintenance in the second quarter.

SOURCE: CBC.ca

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