ZURICH, Feb 5 - Europe's largest independent crude oil refiner Petroplus (PPHN.VX) made a net loss of $762 million in the fourth quarter to end-December, hit by writedowns on its inventory, missing forecasts.
Petroplus said on Thursday lower crude oil prices affected the value of its stocks and the loss compared with a profit of $137 million in the year-ago period.
It said it expected an "even more challenging year in 2009."
"Clean" net income -- when subtracting the estimated net loss derived from falling oil prices -- from continuing operations was $180 million.
Petroplus had been expected to make a net loss of $581 million in the fourth quarter, a Reuters poll showed. [ID:nL3108811]
Petroplus trades at about 5-times forecast 2009 earnings, a discount to other refiners like Greece's Hellenic Petroleum (HEPr.AT), Hungary's MOL MOLB.BU and Neste (NES1V.HE) from Finland.
Petroplus said on Thursday lower crude oil prices affected the value of its stocks and the loss compared with a profit of $137 million in the year-ago period.
It said it expected an "even more challenging year in 2009."
"Clean" net income -- when subtracting the estimated net loss derived from falling oil prices -- from continuing operations was $180 million.
Petroplus had been expected to make a net loss of $581 million in the fourth quarter, a Reuters poll showed. [ID:nL3108811]
Petroplus trades at about 5-times forecast 2009 earnings, a discount to other refiners like Greece's Hellenic Petroleum (HEPr.AT), Hungary's MOL MOLB.BU and Neste (NES1V.HE) from Finland.
