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Gunvor posts record trading despite revenue falling by a third

By Reuters

By Julia Payne

LONDON (Reuters) – Gunvor Group had its best trading year yet in 2020 after all desks performed well, driven in part by volatility in energy markets triggered by the COVID-19 pandemic, though the energy trader sustained significant refining impairments.

The company’s gross profits were $1.66 billion, while revenue fell to $50 billion from $75 billion in 2019.

(Reporting by Julia Payne; editing by Barbara Lewis)