Poland’s PKN Orlen Q1 petchem profit falls 10% on lower margins

25 April 2012 09:13  [Source: ICIS news]

LONDON (ICIS)--PKN Orlen’s petrochemical operating profit fell to zlotych (Zl) 346m ($109m, €83m) in the first quarter of this year, compared with Zl 385m a year ago, as high costs of feedstock led to lower margins, the Polish group said on Wednesday.

Petrochemical sales revenues for the quarter increased 24.5% year on year to Zl 5.2bn, it added.

Petrochemical sales volumes, however, were at record high during the March quarter 2012 at 1.38bn tonnes, up 10% year on year, the company said.

The increase in sales volumes were mainly due to output from the company’s 600,000 tonne/year purified terephthalic acid (PTA) plant, which was launched last year, as well as higher polyolefin and fertilizer sales, Orlen said.

Orlen’s model petrochemical margin fell 18% year on year to €618/tonne in the first quarter of 2012.

However, as of 20 April, the company’s second-quarter margin stood at €754/tonne, it said.

Orlen, also a refiner, saw overall net profit rise 8.4% in the first quarter to Zl 1.2bn as total sales revenue increased 29% to Zl 29.2bn.

In its presentation of its first-quarter results, Orlen concluded that it had a “safe financial position in a volatile macro environment”.

($1 = Zl 3.19 / $1 = €0.76)


By: Will Conroy
+44 20 8652 3214



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index