25 October 2012 02:23 [Source: ICIS news]
HOUSTON (ICIS)--US-based on-purpose propylene producer PetroLogistics reported on Wednesday a third-quarter net income of $600,000 (€462,000), down from $24.0m reported for the same time last year because of payments made for losses realised under propane swaps.
However, gross profit rose nearly 5% year on year because costs fell faster than revenue.
PetroLogistics reported $156.1m in third-quarter revenue, down 6.9% from $167.7m reported for the same time last year.
Cost of sales were $118.0m, down 10.1% from $131.3m reported for the same time last year.
During the quarter, $31.0m in losses were realised on propane swaps, the company said. PetroLogistics did not realise such losses during the same time last year.
PetroLogistics uses propane as a feedstock to produce propylene.
PetroLogistics operates a 544,000 tonnes/year propane dehydrogenation (PDH) plant in ?xml:namespace>
($1 = €0.77)
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