Petro par­ent firm tal­lies $55M profit

Greenwich Time - - BUSINESS -

Star Group more than dou­bled its prof­its to $55 mil­lion for its fis­cal year end­ing in Septem­ber, de­spite a $26 mil­lion loss in its fis­cal fourth quar­ter on the eve of heat­ing sea­son.

Star Group is based in Stam­ford and owns the home heat­ing oil com­pany Petro, which op­er­ates through­out the re­gion, with rev­enue up 27 per­cent from fis­cal 2017 to nearly $1.7 bil­lion. Star Group at­trib­uted the in­crease to higher prices as well as in­creased vol­ume dur­ing last win­ter’s cold snap.

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