Santa Monica-based Tosco Corp. reported third-quarter net...

Santa Monica-based Tosco Corp. reported third-quarter net income of $7.2 million. A year earlier, Tosco posted a $28.2-million loss. Tosco’s Avon, Calif., refinery continued to operate at the near-record rates achieved during the second quarter of this year, producing increasingly higher yields of unleaded and unleaded premium gasolines. In addition, higher refining margins, reduced administrative expenses, lower interest costs and a LIFO inventory adjustment contributed to the improvement.