Canada’s Imperial Oil reports 55 percent rise in profit

(Reuters) – Canada’s oil producer and refiner Imperial Oil Ltd (TO:) reported a 55 percent rise in quarterly profit, as strength in its refining and chemicals businesses offset discounted Canadian crude prices.

The Calgary-based company’s net income rose to C$516 million ($400.56 million), or 62 Canadian cents per share, in the first quarter ended March 31 from C$333 million, or 39 Canadian cents, a year earlier.

Imperial Oil, which is majority owned by Exxon Mobil Corp (N:), said total revenue and other income rose to C$7.93 billion from C$7.16 billion.

($1 = 1.2882 Canadian dollars)

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