Italian oil refiner Saras posted a 13 per cent drop in third-quarter adjusted net profit as refining margins shrank and said it was mulling possible acquisitions.

Saras, Italy’s third-biggest refiner by capacity, said the medium-term outlook remained positive because of expected growth in oil demand and a lack of refining capacity.
General manager Dario Scaffardi said Saras was looking to boost conversion capacity at its Sarroch super-refinery in Sardinia rather than to expand it.
“We are not looking at capacity expansion. This is not totally ruled out, but I would say that it’s at least unlikely at the moment,” he said.
Other possibilities include a new power plant and co-generation unit.
However, Scaffardi confirmed comments by chairman Gian Marco Moratti in a newspaper that Saras was working on possible acquisitions.
“At the moment we are looking at a variety of things. And at the moment I can’t be more specific than that,” he said.
Net profit was 60 million euros ($88.04 million). The figure is adjusted for inventories, one-time items and derivatives.
Comparable earnings before interest, tax, depreciation and amortization (EBITDA) fell by 13 per cent to 139 million euros.
Refinery margin was $5.90 a barrel compared with $9.90 in the previous quarter.