Turkey's Petkim swings to Q2 net loss on climbing feedstock costs

10 August 2012 13:27  [Source: ICIS news]

LONDON (ICIS)--Petkim reported a second-quarter net loss of Turkish lira (TL) 36.7m ($20.6m, €16.8m) on climbing naphtha and natural gas feedstock costs and significantly reduced demand for products, Turkey's sole major petrochemical producer said on Friday.

The loss compares with the TL30.8m net profit Petkim achieved in the second quarter of 2011, and follows the TL8m net loss recorded by the company in the first quarter of this year, it added.

Second-quarter sales revenues climbed 15% year on year to TL1.14bn, despite petrochemical product prices continuously falling as demand weakened, Petkim said.

The company, which hopes to break the billion-dollar export barrier for the first time this year, added that its first-half export value reached $567m, up 33% on last's year's performance in the first six months. The second-quarter export value for 2012 totalled $288m.

Petkim, controlled by the State Oil Company of Azerbaijan (SOCAR) through a 61.32% stake, is based in Aliaga, near Izmir on western Turkey’s Aegean coast, where it is creating a petrochemical “super site”.

($1 = TL1.78, €1 = TL2.19)

By: Will Conroy
+44 20 8652 3214

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