Imperial Oil's profit plunges 90 pct

Fri Jul 31, 2015 8:06am EDT
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July 31 (Reuters) - Imperial Oil Ltd , Canada's No.2 integrated oil producer and refiner, reported a 90 percent fall in quarterly profit, hurt by the slump in crude prices and a tax-related charge.

The company, majority owned by Exxon Mobil Corp, took a C$320 million ($245.3 million) charge in the second quarter due to an increase in Alberta's corporate tax rate.

Imperial's net income fell to C$120 million, or 14 Canadian cents per share, in the quarter ended June 30 from C$1.23 billion, or C$1.45 per share, a year earlier.

Total revenue fell 27 percent to C$7.30 billion. ($1 = C$1.30) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)