Turkey's Petkim second-quarter earnings squeezed by naphtha prices

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, Turkey’s sole major petrochemicals producer said on Friday.

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 Turkey and central and eastern Europe.

Petkim is 75%-owned by the State Oil Company of the Azerbaijan Republic (SOCAR) through the SOCAR & Turcas Energy joint venture.

($1 = TL1.78)

 


By: Will Conroy
+44 20 8652 3214



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