19 July 2012 10:28 [Source: ICIS news]
LONDON (ICIS)--Unipetrol is expecting to report a worse operating loss for the second quarter than it suffered in the first quarter of 2012 after experiencing a deterioration in its polyolefin margins, the Czech petrochemical producer said in a trading statement on Thursday.
“Unipetrol’s management board estimates that the reported EBIT [earnings before interest and taxes] of the Unipetrol Group in the second quarter 2012 will be negative and worse than in the first quarter 2012,” the company said.
Unipetrol, which reported an operating loss of koruna (Kc) 51m ($2.48m,€2.02m) for the first quarter, witnessed a second-quarter model polyolefin margin of €217/tonne, down 25% year on year and a 10% fall quarter on quarter, it added.
Second-quarter petrochemical sales volumes stood at 411,000 tonnes, 8% less than in the same quarter of 2011 and a 7% decrease from the first quarter of this year, the company said.
There were “sales declines across the majority of [petrochemical] products resulting from weak macro dynamics in the core markets,” it added.
“Unipetrol’s trading statement is generally a negative surprise,” said WOOD & Company investment bank analyst Robert Rethy in a note to investors, adding that he had been forecasting a small operating profit for the second quarter.
“The company will post a loss on the operating line for Q2 that is larger than in the previous quarter even taking into account that it will book a Kc50m gain on CO2 [financial operations] for the period,” Rethy said.
Unipetrol, majority-owned by ?xml:namespace>
($1 = Kc20.60, €1 = Kc25.27)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections