24 February 2012 01:57 [Source: ICIS news]
Correction: in the ICIS news story headlined “Hungary’s TVK Q4 loss widens to $8.4bn on poor plastics demand” dated 24 February 2012, please read the headline as “Hungary’s TVK Q4 loss widens to Ft8.4bn…” instead of “… widens to $8.4bn …”
LONDON (ICIS)--Hungarian petrochemicals producer TVK said on Friday its fourth-quarter net loss widened to forint (Ft) 8.4bn ($38.8m, €29.1m) in 2011, compared with Ft2.5bn in the same period a year earlier, on the back of falling demand for plastics.
The company’s sales rose by 2% year on year to Ft97bn in the fourth quarter of last year, while operating profit slumped by 79% to Ft6.5bn, the company said in a statement.
“Unfortunately, in the second half of 2011 demand for plastic feedstocks produced by companies including TVK decreased not only in Europe, but throughout the whole world, and that tendency caused a dramatic weakening of our margins as well as those of others,” said Zsolt Petho, CEO of TVK.
The poor market environment has led the company into starting a three-year efficiency and competitiveness programme which partly aims to cut costs, Petho added.
On a quarter-on-quarter basis, average prices of lower density polyethylene (LDPE) in ?xml:namespace>
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