LONDON (Reuters) - A rebound in profit this year has allowed Gunvor Group to cancel plans to sell its Ingolstadt refinery in Germany and stall the sale of a stake in a Russian products terminal, Chief Executive Torbjorn Tornqvist told Reuters.

The company has posted gross profit of $800 million for the first three quarters of 2019 thanks to favorable market conditions and the overhaul of the firm that began last year.

“We actually covered all our losses from last year. We spent a lot of time overhauling the business ... We had a generational shift, lots of changes in corporate governance and risk policy. It’s the most fundamental change in the company since I started it,” Tornqvist said.

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