Sibur's second-quarter net profit nearly halves to Rb8.5bn

12 October 2012 15:09  [Source: ICIS news]

LONDON (ICIS)--Sibur's second-quarter net profit fell to roubles (Rb) 8.5bn ($273.8m, €211.8m) from Rb15.8bn in the same period last year with profitability affected by declining spreads between feedstock and product prices, Russia's largest petrochemical producer said on Friday.

Revenue edged up to Rb65.3bn from Rb62.1bn, it added, providing figures in accordance with International Financial Reporting Standards (IFRS).

In the first half of this year, net profit amounted to Rb29.7bn, compared with Rb32.5bn in the corresponding period of 2011, Sibur, also a gas processor, reported.

First-half revenue stood at Rb136.9bn against Rb121.6bn in the same period last year, the company said.

“As of 30 June 2012, our net debt to EBITDA [earnings before interest, tax, depreciation and amortisation] ratio was 0.94х, which underlines the company’s stable financial position,” Sibur said in a press release presenting its financial results.

“Sibur’s financial policy is to maintain a net debt to EBITDA ratio of no higher than 2.5x, which is stricter than bank covenants stipulated in our credit agreements,” it added.

($1 = €0.77, $1 = Rb31.04, €1 = Rb40.13)

By: Will Conroy
+44 20 8652 3214

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