15 May 2012 12:00 [Source: ICIS news]
The company's petrochemical integrated margin dropped by 59% from where it was a year ago to €161/tonne, although the margin improved by 37% from the average of the fourth quarter in 2011, it added.
“It is still difficult to make a [business] prediction for the future, therefore we will closely review all operating costs,” said Slovnaft CEO Oszkar Vilagi, noting that petrochemical production costs had risen because of very high oil prices.
Year on year, Slovnaft's production of both monomers and polymers fell by approximately one-fifth during the first quarter, the company added.
Slovnaft, also a refiner, saw its overall net profit in the first quarter of 2012 fall 9% year on year to €40m, with net sales revenues edging up 2% to €1.11bn.
($1 = €0.78)
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