October 28, 2016 / 12:12 PM / 2 years ago

Imperial Oil's profit more than doubles on asset sale gain

Oct 28 (Reuters) - Imperial Oil Ltd, Canada’s No.2 integrated oil producer and refiner, said on Friday its quarterly profit more than doubled due to a C$716 million ($535.01 million) gain from the sale of some of its retail sites.

The company, 69.6 percent owned by Exxon Mobil Corp, said net income shot up to C$1 billion, or C$1.18 per share, in the third quarter, from C$479 million, or 56 Canadian cents per share, a year earlier.

The company’s sale of retail sites for C$2.8 billion, announced in the first quarter, is expected to close by the end of the year.

Total revenue and other income rose 4 percent to C$7.44 billion.

$1 = 1.3383 Canadian dollars Reporting by Vishaka George in Bengaluru; Editing by Shounak Dasgupta

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