Hungary’s TVK Q4’08 op profits surge on lower feedstocks

27 February 2009 01:28  [Source: ICIS news]

PRAGUE (ICIS news)--TVK saw its fourth quarter operating profits surge 75% year-on-year to forint (Ft)7.6bn ($31.9m/€25.2m) helped by the plunge in naphtha feedstock prices for monomers, the Hungarian petrochemical producer said on Friday.

TVK’s net sales revenue for the final quarter of last year were down 28% to Ft66.8bn.

“In the first quarter of 2009, the TVK group level operating profit is likely to be lower than in the last quarter of 2008 with the unfavourable change due partly to the reduction of the integrated margin and partly to the slight downturn of production and sales volumes,” the company said.

($1 = Ft238.16, €1 = Ft301.59)

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