19 October 2004 02:57 [Source: ICIS news]
SINGAPORE (CNI)--Thai Olefins Co (TOC) recorded a year-on-year jump of more than 36 times in its net profit for the third quarter due to stronger olefin prices and higher operating rates.
The company recorded a net profit of Baht2.48bn in the three months ended 30 September, up from Baht68.4m in the year-earlier period. Sales totalled Baht16.44bn compared with Baht13.51bn in the third quarter of 2003.
A TOC official told CNI that olefins prices in the third quarter were about 70% higher than the corresponding three-month period of the previous year, while feedstock costs had only risen by around 60% year-on-year.
As well, he noted that the company was able to run its plants at an operating rate of around 110% in the third quarter, raising its output from one year ago.
He said the company had produced an additional 1-2 tonne/hour of ethylene during the third quarter as a result of the higher running rate and the adoption of new technology to improve TOC’s ethylene recovery rate.
Analysts have been expecting strong financial results for TOC and Thailand’s other ethylene producers due to strong operating margins.
TOC's third-quarter financial results are preliminary and unaudited.
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