02 May 2012 12:09 [Source: ICIS news]
LONDON (ICIS)--Turkey's Petkim suffered a Turkish lira (TL) 8m ($5m, €3m) net loss in the first quarter of the year, compared to a net profit of TL77m in the same period of 2011, as the high price of naphtha feedstock undercut profits, the company said on Wednesday.
Sales revenue, however, rose by 28% year on year to TL1bn, added Petkim – Turkey's major petrochemical producer.
Increased naphtha prices – caused by rising oil prices – were so high that petrochemical margins were negative, especially in January and February, the company said.
Petkim, which is this year targeting $1bn in annual exports – having achieved $834m last year – added that it spent $15m in the first quarter on boosting capacity, increasing efficiency and completing planned maintenance.
The majority owner of Petkim – the State Oil Company of Azerbaijan – hopes to gradually drive up both export and domestic sales with the construction of a $10bn petrochemical “super site” on a peninsula in Aliaga, near Izmir on western Turkey’s Aegean coast.
($1 = €0.76)
($1 = TL1.75, €1 = TL2.32)
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