Stock Earnings: SP 1st quarter profit dropprf 6.6 pct!

Singapore Petroleum Co Ltd (SPC) may ease after reporting that its first-quarter net profit dropped 6.6 pct year-on-year to 67.88 mln sgd, despite improved sales, due to soft demand for refined products and weaker refining margins. "The demand for refined products in the Asia-Pacific region in the first half of the quarter was subdued due to the continued high oil prices, high inventories and the withdrawal of fuel subsidies in several countries," SPC said. "Refining margins were relatively weak in the first two months of the quarter. Margins, however, staged a strong recovery in March," SPC said. "With the continued limited global refining capacity, we expect stronger refining margins going into the next quarters." SPC said the group should continue to do well this year, despite the weak first quarter.