CEPSA H1 2012 petchem earnings down 21% on weaker margins

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)

By: Nigel Davis
+44 20 8652 3214

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