May 3, 2018 / 12:34 PM / 23 days ago

Gunvor's 2017 profits down 49 pct after U.S. investments

LONDON, May 3 (Reuters) - Switzerland-based energy trader Gunvor posted its lowest net profit since at least 2011 last year due to major investments to set-up a trading presence in the United States and a prolonged planned turnaround at one of its refineries, the company said on Thursday.

Net profit fell by 49 percent to $162 million from $315 million in 2016 while the rise in oil prices raised revenue to $63 billion from $47 billion.

Traded volumes rose 22 percent to 184 million tonnes from 153 million.

Reporting by Julia Payne; editing by Jason Neely

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