26 February 2013 09:45 [Source: ICIS news]
LONDON (ICIS)--TVK cut its net loss to forint (Ft) 581m ($2.6m) in the fourth quarter of 2012 from Ft8.45bn in the same quarter of the previous year on the back of improved margins, the Hungarian petrochemical producer said on Tuesday.
Net sales revenues improved by 3.4% year on year to Ft100.3bn, it added.
"TVK maintained its productivity even in the extremely depressed business environment in 2012. Demand for plastic raw materials produced by us was still weak all over Europe and worldwide,” TVK CEO Zsolt Peth said in a statement on the results.
TVK managed an operating profit in the fourth quarter of Ft344m, compared to an operating loss of Ft6.61bn in the fourth quarter of 2011, the company also noted.
“The operating profit was positive in the fourth quarter, reaching a figure that was Ft5.8bm higher than [the Ft5.50bn operating loss] in the preceding quarter, primarily due to higher production and volumes sold and favourable changes in exchange rates,” TVK said.
“The integrated petrochemical margin in euro terms grew by 13% [to €295] compared to the third quarter, thanks to the weakening dollar against the euro,” it added.
The height of the integrated petrochemical margin in the fourth quarter was also a 66.9% improvement versus the figure recorded for the same quarter of 2011.
TVK is a wholly owned subsidiary of Hungary’s MOL oil, gas and petrochemicals group, which reported its own fourth-quarter results earlier on Tuesday.
($1 = Ft224.16, $1 = €0.76)
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