22 November 2001 16:45 [Source: ICIS news]
LONDON (CNI)--Germany's RWE said Thursday that lower profits from its refinery and petrochemicals activities resulted in flat fiscal first quarter operating profits for its RWE-DEA subsidiary.
RWE-DEA, which comprises the upstream exploration and production unit and the DEA Mineraloel downstream oil products and petrochemicals unit, recorded a Euro107m ($95m) operating profit for the three months to 30 September.
Falling margins were responsible for the drop in operating profits from the refinery and petrochemicals activities, said RWE. The service-station business improved its profits thanks to higher sales margins and quantities.
RWE-DEA's sales dropped 1% to Euro4.38bn. Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 1.5% to Euro139m.
Sales and profits breakdowns were not provided, although RWE-DEA said its first quarter petrochemical sales volumes rose 5% to 710 000 tonne. Petrochemical volumes were boosted by the expansion of the Wesseling olefins plant in Germany.
First quarter sales volumes of petroleum products were 8% higher at 5.9m tonne.
RWE's group operating profits rose 38% to Euro903m thanks to improvements in the core electricity, gas, water, wastewater services and wastewater management businesses. Sales were 22% higher at Euro16.8bn.
RWE-DEA is scheduled to publish its full Q1 results on 30 November.
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