Austria’s OMV Q1 petrochemical margins 'substantially lower'

24 April 2012 09:09  [Source: ICIS news]

LONDON (ICIS)--OMV’s petrochemicals division was hit by significantly lower margins in the first quarter of this year, according to a trading statement issued by the Austrian group on Tuesday.

“The petrochemicals business was burdened by substantially lower margins, especially at the beginning of the year, due to the subdued economic environment,” OMV said, without providing figures.

However, the group’s financial performance had been boosted by the ongoing recovery of oil production in Libya, where production had increased to 25,000 bbl/day since the civil war had come to an end, it added.

“We believe the [first quarter 2012] earnings are not at risk and may even come in stronger than estimated prior to the trading statement, and that earnings are likely to improve materially quarter on quarter,“ said Prague-based investment bank Wood & Company after reviewing the trading statement.

It described the petrochemicals business' contribution to OMV’s performance as “very weak”.

By: Will Conroy
+44 20 8652 3214

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