Italy’s Saras rises as high refining margins drive strong Q1 results

(Reuters) – Italian refiner Saras said on Monday its first-quarter comparable core earnings swung to a profit helped by surging oil prices and diesel refining margins, driving shares up 7.3%.

The group reported comparable adjusted earnings before interests, taxes, depreciation and amortization (EBITDA) of 62.0 million euros ($64.62 million) in the three months to March, up from a loss of 11.2 million in the same period last year.

The refiner says it expects a positive impact on its net financial position in the second quarter of the year from surging diesel refining margins.

The financial position was negative for 445 million euros in the first quarter, the group says.

By 1418 GMT the stock rises 9.5%, outperforming a broadly flat Italian all-share index.

($1 = 0.9594 euros)

(Reporting by Federica Urso)