Valero Energy's quarterly profit slumps 38.4 percent

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A Valero gas station sign is shown in Encinitas, California, U.S., May 2, 2016. REUTERS/Mike Blake (Copyright Reuters 2017)

Valero Energy Corp , the largest U.S. oil refiner, reported a 38.4 percent fall in quarterly profit, hurt by weak margins in its core refining business.

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The company said on Tuesday that its net income attributable to shareholders fell to $305 million, or 68 cents per share, in the first quarter ended March 31, from $495 million, or $1.05 per share, a year earlier.

Operating revenue rose 38.6 percent to $21.77 billion.

(Reporting by Muvija M in Bengaluru; Editing by Maju Samuel)