26 April 2012 23:04 [Source: ICIS news]
HOUSTON (ICIS)--US-based butadiene (BD) producer TPC Group reported on Thursday a first-quarter net income of $18m (€14m), up 58% year on year as sales growth outpaced costs.
First-quarter revenue reached $606.1m, up 9% from $555.6m reported for the same time last year, TPC said. The company attributed the increase to higher prices, which more than offset lower volumes.
Volumes fell, in part, because of a large number of turnarounds, which restricted supplies of crude C4. The company extracts BD from crude C4.
Looking forward, crude C4 should remain restricted through the second quarter because of the unusually high number of planned cracker turnarounds, according to a statement by Mike McDonnell, CEO.
As the crackers come back on line, crude C4 supplies should recover, allowing BD pricing to ease, he said.
"While end-use demand has improved sequentially, we are still experiencing weak demand relative to the prior year in several of our core markets, including synthetic rubber," McDonnell said.
($1 = €0.76)
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