Austria’s OMV posts 33% rise in Q3 petchem operating profit

09 November 2011 09:29  [Source: ICIS news]

LONDON (ICIS)--OMV's petrochemical operating profit in the third quarter improved 33% year on year to €41m ($56.9m) on higher overall sales volumes and favourable butadiene (BD) margins, the Austrian group said on Wednesday.

Petrochemical sales volumes edged up 2% to 530,000 tonnes, it added.

The volumes were a substantial improvement on the 390,000 tonnes sold in the second quarter of this year, which was affected by a six-week maintenance shutdown of the company's 500,000 tonne/year ethylene plant and other petrochemical units at Schwechat in Austria, OMV noted.

Looking ahead, OMV cautioned that “petrochemical margins have performed strongly since the beginning of the year, though are expected to decrease slightly in Q4 2011”.

In the first nine months of this year, OMV's petrochemical business delivered an operating profit of €89m, flat against the same period in 2010, and sales volumes of 1.46m tonnes, against 1.55m during last year's first three quarters, the company said.

OMV has not planned any petrochemical installation shutdowns for the rest of this year.

Overall, OMV, which is also a refining and gas company, saw a third-quarter net profit rise of 48% year on year to €220m, despite a second successive quarter of zero oil production in Libya because of the conflict in the country.

Its sales revenues were up 53% at €8.7bn.

($1 = €0.72)

By: Will Conroy
+44 20 8652 3214

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