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Phillips 66's profit jumps 39 percent on $423 million gain
April 28, 2017 / 11:10 AM / 5 months ago

Phillips 66's profit jumps 39 percent on $423 million gain

FILE PHOTO: A Phillips 66 sign is seen at a gas station in the Chicago suburb of Wheeling, Illinois, U.S., October 27, 2016. REUTERS/Jim Young/File Photo

(Reuters) - U.S. independent oil refiner Phillips 66 (PSX.N) reported a 39 percent rise in quarterly profit, helped by a $423 million one-time gain from the consolidation of a petroleum coking venture.

The company’s consolidated earnings rose to $535 million, or $1.02 per share, in the first quarter, from $385 million, or 72 cents per share, a year earlier.

Adjusted earnings fell to $294 million, from $360 million, a year ago.

Reporting by Swetha Gopinath in Bengaluru; Editing by Shounak Dasgupta

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