03 August 2012 15:09 [Source: ICIS news]
LONDON (ICIS)--CEPSA’s first-half 2012 petrochemical earnings were down 21% year on year on flat sales volumes, the Spanish oil, gas and chemicals firm said on Friday.
Petrochemical segment earnings before interest and tax calculated on a current cost of supply (CCS) basis were €91.7m ($111.8m) in the period from €116.1m in the first half of 2011 which, CEPSA said, “witnessed exceptional activity and margins”.
Earnings in the second quarter of 2012 were €11.7m higher than in the first quarter of the year, although details of the quarterly earnings figures were not given.
CEPSA said it sold 1.5m tonnes of petrochemicals in the first half of 2012, a volume “in-line” with the similar period of 2011.
“Clean” CCS net income for the group in the first half of 2012 was up 13% at $250m.2, CEPSA said, with clean CCS EBIT up 11% at €493.8m.
“The burgeoning economic crisis in Europe, and particularly in Spain, continues to weigh on the company’s results, although international activity accounts for an increasingly larger share of the CEPSA Group’s earnings,” the company added in a statement.($1 = €0.82)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections