Slovnaft’s Q4 petrochemical sales revenues slip 6%

26 February 2013 13:37  [Source: ICIS news]

LONDON (ICIS)--Slovnaft’s petrochemical sales revenues slipped 6% year on year to €124m ($163m) in the fourth quarter of 2012 with the company pressured by falling plastics prices, the Slovak producer said on Tuesday.

The quarter also saw Slovnaft’s monomer and polymer production volumes fall, by 12% and 10% year on year, respectively, the company said, without stating tonnages.

The company also disclosed that its integrated petrochemical margin reached €201/tonne in the fourth quarter.

This was an improvement in comparison to the fourth quarter of the year before but, due to higher propylene prices, a worse level than was seen in the third quarter of 2012, according to Slovnaft, although it did not give figures for those quarters.

Overall, Slovnaft, also a refiner, swung to a fourth-quarter net profit of €12m from a net loss of €43m a year ago, while net sales revenues were up 9% year on year at €1.27bn.

In a statement on the results, Slovnaft CEO Oszkar Vilagi said: “In 2013 we plan to continue our efficiency improvement programmes aimed not only at cost-reduction but also a revenue increase by further sales activity optimisation ... To keep the refining-petrochemical integration, we will continue with our major project, the construction of a new, state-of-the-art LDPE [low density polyethylene] unit in Bratislava.”

Slovnaft is owned by Hungarian oil, gas and petrochemicals group MOL, which reported its own fourth-quarter results earlier on Tuesday.

($1 = €0.76)


By: Franco Capaldo
+44 (0)20 8652 3214



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