Whitegate slumps on cost of sales

Tighter gross margins at the company that operates the State’s only oil refinery resulted in the firm recording a pre-tax loss of $34.4m (€26.9m) last year.

The loss at Philips 66 Whitegate Refinery Ltd follows the firm’s $17.7m pre-tax profit in 2010.

The negative swing of $52m came in spite of revenues soaring by 33% from $2.19bn to $2.92bn last year.