January 31, 2017 / 1:15 PM / a year ago

Imperial Oil profit jumps on C$988 mln asset-sale gain

Jan 31 (Reuters) - Imperial Oil Ltd’s profit shot up in the fourth quarter, helped by a C$988 million gain from the sale of its retail sites.

The company, which is about 70 percent owned by Exxon Mobil Corp, said net income rose to C$1.44 billion ($1.10 billion), or C$1.70 per share, in the fourth quarter, from C$102 million, or 12 Canadian cents per share, a year earlier.

Imperial Oil, Canada’s No.2 integrated oil producer and refiner, said last March it would sell its remaining company-owned Esso retail stations to five fuel distributors for about C$2.8 billion.

The Calgary-based company’s revenue rose 35.5 percent to C$8.44 billion. ($1 = C$1.31) (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta)

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