11 May 2011 08:27 [Source: ICIS news]
LONDON (ICIS)--OMV saw its first-quarter petrochemical operating profit nearly double to €37m ($26m) from €20m a year ago due to improved olefin margins, the Austria-based group said on Wednesday.
Its petrochemical sales volumes increased 8% year on year to 540,000 tonnes, while sales revenues from its refining and marketing business, which includes the petrochemical division, rose 63% year on year to €6.1bn, OMV added.
The net margins of its petrochemical division were 24% above those of the first quarter last year and 30% above the margins of the final quarter of 2010, OMV noted, without specifying what the margin numbers were. The figures exclude the results of Romanian subsidiary Petrom.
Overall, the OMV group saw its net income up 4% to €473m, on sales revenues up 53% to €8.1bn, with the difficulties in North Africa and the Middle East preventing a better performance.
“The first quarter of 2011 proved to be a very difficult one where a strong operating performance was overshadowed by political turmoil in North Africa and the Middle East, which did not leave our production unscathed,” said Gerhard Roiss, who was appointed OMV CEO on 1 April.
“However, the high oil price, alongside solid contributions by our business segments, has led to an operating result well above the previous quarters,” he added.
OMV said its petrochemical business would, in the second quarter, see a six-week routine turnaround of plants at the Schwechat refinery in Austria.
($1 = €0.69)
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