US refiner Calumet Specialty Products Partners saw profit from is specialty products unit stay high in the first three months of the year on the back of unusually firm margins for base oils and lubricants.
The unit’s adjusted earnings before tax, depreciation and amortization (EBITDA) came to $76.4mn in the first three months of the year.
Profit almost tripled from year-earlier levels of $28.1mn.
Profit fell from $95.7mn during the fourth quarter of last year, when specialty products margins were even higher.
Profit rose even as specialty products sales fell by 4pc from year-earlier levels.
Lower sales mirrored a similar drop in specialty products output from year-earlier levels.
Still-high base oils margins more than countered the drop in revenue.
The unit’s EBITDA margin of 10.3pc in the first quarter rose from 3.7pc during the same period last year.
The margin was down from 11.6pc during the fourth quarter of last year.
