Slovnaft’s Q3 petchem sales revenues fall 28% to €97m

14 November 2012 12:33  [Source: ICIS news]

LONDON (ICIS)--Petrochemical sales revenues at Slovnaft declined 28% to €97m ($123m) in the third quarter of 2012 from €134m in the same period of last year, the Slovak company said on Wednesday.

Both scheduled and unplanned shutdowns and overhauls of installations, as well as tough markets, saw third-quarter monomer production and polymer output fall 28% and 24% year on year, respectively, it added, without disclosing production tonnages.

The company’s integrated petrochemical margin reached €210/tonne in the third quarter, 34% up year on year and an 11% improvement quarter on quarter, Slovnaft added.

Overall, Slovnaft, also a refiner, achieved a net profit of €55m in this year’s third quarter, compared to a net loss of €30m a year ago, the company said.

Net sales revenues edged down 3% year on year to €1.23bn, it added.

With no clear sign of sustained high volatility on commodity and financial markets coming to an end, Slovnaft is proceeding with a restructuring plan announced in October which will see 300 of its 3,600 workers laid off, the company said.

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

($1 = €0.79)

By: Will Conroy
+44 20 8652 3214

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