22 February 2012 08:29 [Source: ICIS news]
LONDON (ICIS)--OMV's petrochemical operating profit rose by 68% year on year to €12m ($16m) in the fourth quarter of 2011 because of higher olefin margins, the Austrian group said on Wednesday.
The result was achieved despite petrochemical sales volumes falling by 6% to 500,000 tonnes from the 530,000 tonnes seen in both the fourth quarter of 2010 and in the third quarter of 2011, it added.
The fourth-quarter operating profit considerably trailed the €41m recorded for the third quarter of last year, OMV also noted.
Looking at 2011 as a whole, OMV said the operating profit for its petrochemical segment improved by 7% year on year to €101m, despite petrochemical sales volumes declining by 6% to 1.96m tonnes.
“The high level of profitability of the petrochemical business, as seen in 2011, is anticipated to fall back to a more modest level due to expected lower economic growth in the key end-markets in China and India,” OMV added in a forecast for 2012.
“2011 was a successful year for the OMV group. The year was dominated by the Arab Spring, which led to high oil prices on the one side but missing volumes from Libya and Yemen on the other,” said OMV’s CEO, Gerhard Roiss.
“Despite this challenging environment, we achieved a strong operating result above last year’s level and strengthened our company’s financial position to make it fit for the years to come,” Roiss added.
($1 = €0.75)
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