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Higher gasoline prices helped Covington-based Ashland Inc. double its profits this spring compared to a year ago, the company reported Monday.

Ashland reported net income of $161 million, or $2.26 per share, on revenues of nearly $2.2 billion in its fiscal third quarter, ended June 30. That compares to $70 million, or $1.01 per share, earned on revenues of $2.0 billion in the same quarter last year.

Of $292 million profit before taxes, more than two-thirds of it came from Marathon Ashland Petroleum (MAP), a gasoline refining and marketing joint venture with Marathon Oil. Ashland said high gasoline demand, coupled with higher prices and greater efficiencies at the refineries, helped boost operating earnings to $205 million in the third quarter, up from $100 million a year earlier.

Ashland has agreed to sell its stake in MAP to Marathon for $3 billion. The deal could close later this year. more

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