Sibur's 2009 net profit rises 20.6% despite lower sales

10 June 2010 11:47  [Source: ICIS news]

MOSCOW (ICIS news)--Sibur's full year 2009 net profit rose by 20.6% to roubles (Rb) 19.3bn ($608m, €508m) despite a decline in sales, Russia's major petrochemical holding said on Thursday. 

Sales and earnings before interest, tax, depreciation and amortisation (EBITDA) were down due to lower demand and petrochemical prices domestically and internationally, Sibur said, while net profit was up due to sales of non-core assets.

EBITDA fell 21.9% year on year to Rb31.8bn, while full year sales were down 7% at Rb161.4bn, the company said in a statement.

In 2009, Sibur invested Rb27.6bn to expand and modernise its production facilities, down from Rb33.6bn spent in 2008, the company said.

($1 = Rb31.68, €1 = Rb37.99)

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By: Sergei Blagov
+44 20 8652 3214

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