Luberef, a subsidiary of Saudi Aramco, reported a 3.9% higher profit for the second quarter of the year despite a sizeable decline in revenues. The company, which reported the figures in a statement for the Saudi stock exchange, attributed the increase in profit to tax adjustments that reduced its expenses and higher crack margins, Forbes reported. Luberef produces base oils. The company reported $693.1 million in sales for the second quarter of the year, down from $879.7 million a year earlier. Profits stood at $121.3 million. Luberef was listed…
