07 March 2013 12:19 [Source: ICIS news]
LONDON (ICIS)--Petkim's full-year 2012 net profit plummeted to Turkish lira (TL) 17m ($9.4m, €7.3m) from TL102m in 2011 as margins were hit by high naphtha feedstock and energy costs, the Turkish petrochemical producer said on Thursday.
The company’s net profit margin in 2012 fell to 0.4% from 2.6% in 2011.
Net sales in 2012 rose 12% year on year to TL4.35bn, on higher volumes and a rise in product prices, while the costs of goods sold rose 15% to TL4.27bn.
Petkim’s general manager, Sadettin Korkut, said 2012 had been a “very difficult year for Turkish industrialist and manufacturing industry” with declines observed in the growth rates of sectors, particularly in petrochemicals, especially since the second quarter, in parallel with a slowdown in world economic growth.
Petkim’s EBITDA (earnings before interest, taxes and amortisation) for 2012 was TL99m, down 54% year on year, with a margin of 2.3%, down from 5.6% in 2011.
“Significant slowdowns were observed in the sector, which used to grow at double-digit in previous years, in line with the contraction in the economy.
“Our sector, which showed some improvement at the beginning of 2012, experienced a fast decline since April,” Korkut said.
“With improvements in margins, we started 2013 with hope,” Korkut, said.
($1 = TL1.80, €1 = TL2.34)
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