Slovnaft cuts its first quarter net loss to €4m

20 May 2010 13:06  [Source: ICIS news]

PRAGUE (ICIS news)--Slovnaft has cut its first quarter net loss to €4m ($4.94m) compared with the €11m loss it witnessed in the same period last year, due to improved petrochemical sales revenues, the Slovakian refining and petrochemical company said on Thursday.

The group’s petrochemical revenues climbed 54% to €125m, while overall company revenues increased 37% to €719m, Slovnaft added.

“The last month of the quarter showed a positive trend change signalling the influence of the global economic recovery,” said Slovnaft CEO Oszkar Vilagi, referring to both retail fuel and petrochemical prospects.

“Although exports recorded lower demand in the early months on the Czech, Hungarian and German markets, in the coming months we expect growth in sales here,” Vilagi added.

Slovnaft said that its first quarter polymer sales volumes decreased year on year by 0.5% to 98,700 tonnes, while its copolymer sales for the first quarter of 2010 increased by 55.5% compared with the same period last year.

Export sales volumes in the first quarter of 2010 fell by 1% year on year, while domestic sales rose by 2% compared to the same period a year before, the group added.

The company is a subsidiary of Hungary’s MOL group which reported its results earlier on Thursday.

($1 = €0.81)

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By: Will Conroy
+44 20 8652 3214



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