News Column

Finland : NESTE OIL revises predicted operating profit down

September 4, 2014

Finnish company Neste Oil revised its predicted operating profit down Tuesday.

The company has taken a $78 million hit in lost production and repair costs from a damaged hydrogen production unit at its Porvoo refinery.

One of two at the site, the unit, was damaged on August 18 and would be repaired by the October end.

Following the damage, production has been reduced at the refinery.

The damage has forced Neste to close the diesel production unit Production Line 4.

The company is expecting a $65 million loss in production and $13 million in repair costs.

The losses will affect Neste's comparable operating profit for this year.

The company has now projected its comparable operating profit for 2014 to stand under $524 million.

The company earlier expected its 2014 comparable operating profit to reach $590 million plus or minus 10 percent.

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Source: TendersInfo (India)

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