12 August 2011 11:47 [Source: ICIS news]
LONDON (ICIS)--Higher naphtha feedstock costs hit Petkim’s second-quarter earnings, with net profit down to Turkish lira (TL) 30.8m ($17.3m) from TL44.5m a year ago, ?xml:namespace>
However, sales revenues in the period rose by 38% year on year to TL990m, Petkim said.
Naphtha costs rose sharply from the previous quarter on higher crude prices, Petkim added, without giving figures.
In June, Austria’s Erste Group Bank warned that relying on naphtha threatened the renewed profitability of petrochemical producers in
Petkim is 75%-owned by the State Oil Company of the Azerbaijan Republic (SOCAR) through the SOCAR & Turcas Energy joint venture.
($1 = TL1.78)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|