CANADIAN FIRMS REPORT WEAK PROFITS FOR 1991

Hard times hit Canadian companies in 1991 as a number reported losses or sharply reduced profits. Before a change in accounting procedures, Imperial Oil Ltd. recorded a sizable loss for the year. It also disclosed further details of a campaign to cut costs through a major rationalization of its downstream operations (OGJ, Feb. 10, Newsletter). Imperial's move followed an announcement by Petro-Canada that it will close 1,100 service stations and mothball or sell two refineries (OGJ, Feb. 3,

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