ECONOMY

Gunvor’s net income up more than fourfold

gunvor-amp-8217-s-net-income-up-more-than-fourfold

Cyprus-based Gunvor Group’s profit soared to a record $1.25 billion last year as the oil trader sold the bulk of its Russian assets and earnings from oil trading increased.

Net income rose more than fourfold from $267 million in 2014, Gunvor said in an e-mailed statement on Tuesday.

Chief financial officer Jacques Erni said he expects trading profit to increase this year, after earnings from oil trading and refining climbed 10 percent in 2015.

[Bloomberg]