Czech Unipetrol expects to record Q4 operating loss

18 January 2013 10:13  [Source: ICIS news]

LONDON (ICIS)--Unipetrol expects to record an operating loss of approximately koruna (Kc) 4.5bn ($236m, $176m) for the fourth quarter of 2012, compared with an operating loss of Kc2.6bn in the same quarter of the year before, despite improved petrochemical margins, the Czech company said on Friday.

Negative one-off items related to impairments on fixed assets in the refining segment, which amounted to around Kc 4.5bn, would be the cause of the fall, the company added.

Unipetrol's petrochemical sales volumes in the fourth quarter of 2012 rose 17% year on year to 453,000 tonnes, but were down 3% against the third quarter of 2012, the company said.

The company's polyolefin model margin in the fourth quarter was €244/tonne ($325/tonne), 14% up year on year, but 3% down quarter on quarter.

Its olefin model margin in the fourth quarter was €365/tonne, 39% up year on year, and 21% up quarter on quarter.

The quarter saw a "significant stabilisation of external market conditions in terms of crude oil prices and corresponding petrochemical feedstock prices," the company said.

Unipetrol benefited from a slightly improved demand for polymers in the second part of the fourth quarter, partly thanks to production shutdowns of several competitors", it added.

The company, which is a subsidiary of Poland's PKN Orlen, will report its financial results for the fourth quarter of 2012 on 23 January.

($1 = Kc19.09, €1 = Kc25.53, $1 = €0.75)

By: Will Conroy
+44 20 8652 3214

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