Hungary's TVK Q3 net loss narrows to $18.3m

14 November 2012 01:38  [Source: ICIS news]

LONDON (ICIS)--TVK’s net loss narrowed to forint (Ft) 4.1bn ($18.3m, €14.5m) in the third quarter of 2012 from Ft5.1bn in the same period last year amid unstable market demand and growing energy prices, the Hungarian petrochemical producer said on Wednesday.

The company’s net sales fell by 22.1% year on year to Ft75.7bn in the third quarter, weighed by maintenance shutdowns, the company said in a statement.

"In the third quarter, our business performance was again fundamentally influenced by the highly unfavourable economic environment,” said TVK CEO Zsolt Peth.

“Unstable market demand, growing energy prices and the forint/dollar exchange rate changes had a negative effect on the results,” he said.

 “Maintaining our operational performance, keeping our customers, successful implementation of our new investment project — a butadiene plant — and ensuring our production capacity are the key factors in order to strengthen our regional market position in the long term, after the slow recovery from the crisis,” Peth added.

TVK's integrated petrochemical margin stood at €260/tonne ($329/tonne) in the third quarter, compared to €315/tonne in the second quarter and €213/tonne in the third quarter of 2011.

TVK is a subsidiary of Hungary's MOL group, which reported its own financial results earlier on Wednesday.

 ($1 = Ft224, $1 = €0.79)

By: Will Conroy
+44 20 8652 3214

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