Commodity trader Trafigura has joined rivals Gunvor and Vitol in reporting a large rebound in profitability helped by oil market volatility, with the companys results boosted further by a restructuring programme.
Profits at the privately owned group had fallen to an eight-year low in 2018 as it was caught on the hop by a shift in the market and was forced to reorientate its oil trading business.
That restructuring Trafigura slashed inventories and storage commitments and costs paid dividends in the six months to the end of March as net income jumped 92 per cent to $426m on revenues of $86bn.
Gross profits from oil and petroleum trading was just over $1bn in the first half, nearly three and a half times higher than a year earlier when …
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