14 November 2012 08:50 [Source: ICIS news]
LONDON (ICIS)--MOL saw its third-quarter petrochemical operating loss widened by 50% year on year to forint (Ft) 9bn ($40.2m, €31.8m) on weaker margins and depressed market demand, the Hungarian group said on Wednesday.
Petrochemical sales volumes in the third quarter stood at 275,000 tonnes, a 25% decline on the 367,000 tonnes sold in the same quarter of 2011, it added.
“The operating loss of the petrochemical division increased compared to the second quarter [in which the operating loss was Ft7.2bn], in line with an almost €60/tonne deterioration of the integrated petrochemical margin and unfavourable changes in exchange rates,” it said.
“While polymer product sales volumes increased moderately, the polymer market was still characterised by depressed demand and volatile prices,” the company added.
MOL's integrated petrochemical margin fell to €261/tonne in the third quarter from €318/tonne in the second quarter. However, it was an improvement on the €213/tonne seen in the third quarter of last year.
Looking beyond the third quarter, MOL noted that the integrated petrochemical margin improved to €308/tonne in October.
“The operating profit/loss after the third quarter is expected to be more favourable than the monthly average of the third quarter as a consequence of the integrated petrochemical margin improvement and higher production and sales volumes,” the group said.
Overall, MOL, also an oil and gas company, saw third quarter net profit of Ft67.5bn, an 86% improvement on the Ft36.4bn recorded for the same quarter of 2011.
Net sales revenues edged up 4% year on year to Ft1,400bn.
($1 = Ft224, $1 = €0.79)
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