07 November 2012 09:12 [Source: ICIS news]
LONDON (ICIS)--OMV saw the clean operating profit of its petrochemical division fall to €19m ($24m) in the third quarter of this year from the €42m recorded in the same period a year ago, on falling margins, the Austrian group said on Wednesday.
The clean profit, which excludes special items and inventory holding gains and losses, was gained as petrochemical sales volumes rose 5% year on year to 560,000 tonnes, it added.
The petrochemical result was also due to a sharp quarter on quarter downturn in olefin margins, the group added.
“Petrochemical margins and volumes will continue to be under pressure as a subdued economic environment weighs on prices,” OMV added, looking ahead to the remainder of this year.
“The petchems [operating profit] contribution [to OMV's performance] was reasonable at €19m given the major pressure on margins during the period,” Prague-based investment bank WOOD & Company said in a note to investors on the financial results.
OMV, also an oil and gas group, saw overall third-quarter net profit rise 11% year on year to €401m, with sales revenues growing 26% to €10.9bn.
A big factor in the improvement was a recovery in refining margins, OMV said.
($1 = €0.78)
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