Tesoro reports rise in profit

Advertiser Staff

San Antonio, Texas-based Tesoro Petroleum Corp., which has oil refineries in Alaska, Hawai'i and Washington, said third-quarter profit rose 31 percent because it sold more gasoline and other products from refineries it bought in the period.

Net income increased to $32.8 million, or 79 cents a share, from $25 million, or 60 cents after payment of preferred dividends, a year earlier, the company said in a statement distributed by PR Newswire. Revenue gained 1.3 percent to $1.41 billion from $1.39 billion.

Tesoro said costs related to the acquisition of refineries in Utah and North Dakota reduced earnings by about 13 cents a share.

Shares of Tesoro fell 60 cents to $12.90 in midafternoon trading.