Whitegate Refinery enjoys €13m profit

THE Whitegate Refinery in Co Cork owned by ConocoPhillips returned to profit last year to record pre-tax profits of $17.7 million (€13.1m) after revenues topped $2.19 billion (€1.62bn).

According to accounts just filed with the Companies Office, ConocoPhillips Whitegate Refinery Ltd recorded a positive swing of $29.5m after revenues increased by 34% from $1.6bn to $2.1bn in the 12 months to the end of December last.

The pre-tax profit last year of $17.7m followed a pre-tax loss of $11.8m in 2009 while cost of sales decreased by 33% from $1.8bn to $2.14bn.