Spain’s CEPSA posts 19% fall in Q1 EBIT for petchem segment

17 May 2012 12:09  [Source: ICIS news]

LONDON (ICIS)--CEPSA’s earnings before interest and tax (EBIT) fell by 19% year on year in the first quarter of 2012 to €40m ($51m), while sales remained flat, the Spain-based energy group said on Thursday.

Without providing specific figures for the segment, the company said sales in the quarter were in line with the same period of 2011, but 4.4% lower than in the previous quarter.

The company added that although the segment’s EBIT had dropped on a year on year basis, it increased by 66.7% from the previous quarter.

"[A] worse performance [was] in purified isophthalic acid [PIA], polyethylene terephthalate [PET] [and] purified terephthalic acid [PTA] activities, and to a lesser extent in phenol/acetone [which brought down the segment's EBIT],” the company said.

CEPSA’s overall net income rose by 2.5% year on year to €205m, while EBITDA increased by 5.1% from the same period in 2011 to €528m.

The company has carried out a series of debottleneckings across many product chains and has strengthened its product portfolio and geographic spread through acquisitions, which CEO Fernando Iturrieta announced back in November 2011.

In April, CEPSA acquired 100% of the share capital of US-headquartered chemical producer Chevron’s Spanish business Chevron Espana for an undisclosed fee. 

($1 = €0.79)

By: Leigh Stringer
+44 208 652 3214

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