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JERICHO, N.Y. -- Getty Realty Corp. released preliminary financial results for the second quarter, underscoring an earnings jump.
According to the report, net earnings were $10.6 million, a jump of $600,000 from the same period last year. Net earnings increased by $1.5 million to $22 million for the six months ended June 30, 2008, as compared to $20.5 million for the six months ended June 30, 2007.
Along with the quarterly report, the company stated negotiations and discussions regarding a master lease agreement with Getty Petroleum Marketing Inc., its primary tenant, are ongoing. The Russian oil giant OAO Lukoil purchased the segment in 2000.
Leo Liebowitz, the company's chairman and CEO, said, "We continue to believe that a deal benefiting both parties is possible. We can not predict if, or when, a modification of the unitary master lease on terms acceptable to the company could be accomplished or what the terms of any such modification agreement may be, including the number of properties that may be removed from the lease."
In other earnings news, Hess Corp. released its quarterly report yesterday, boasting a profit margin spike of 62 percent, primarily due to oil and gas selling prices.
According to the report, the company's net income was $900 million, compared to $557 million during the second quarter of 2007. Revenue was $11.7 billion, up from $7.55 billion during the first quarter of this year.