Hungary’s MOL suffers Q4 loss of Ft3.4bn on weak polymer markets

26 February 2013 02:32  [Source: ICIS news]

LONDON (ICIS)--Hungarian group MOL said on Tuesday its petrochemical division saw a forint (Ft) 3.4bn ($15.1m) operating loss in the fourth quarter of 2012 against its restated Ft8.3m operating loss in the same period a year ago.

Petrochemical sales volumes fell by 9% year on year to 328,000 tonnes, with sales volumes of olefins and polyolefin down by 14% to 72,000 tonnes and 7% lower at 256,000 tonnes respectively, MOL added.

In a commentary on its fourth-quarter results, MOL said: “While polymer product sales volumes started to increase [when compared with the third quarter], the polymer market was still characterised by depressed demand and volatile prices.”

The group’s integrated petrochemical margin for the fourth quarter climbed to €295/tonne ($385/tonne) from €177/tonne in the same quarter of 2011 and €261/tonne in the third quarter of 2012, MOL said.

MOL, which also has oil and gas divisions, said it recorded a fourth-quarter net profit of Ft7.7bn against a net loss of Ft29.1bn in the same quarter a year ago.

Total net sales revenues declined by 4% year on year to Ft1.4tn, the company added.

“The year of 2013 could be just as challenging as 2012 was, taking into account the slow economic growth in Europe and the tightening regulatory environment in many countries,” Zsolt Hernadi, CEO of MOL, said.

($1 = Ft
($1 = €0.76)

By: Will Conroy
+44 20 8652 3214

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