24 April 2013 23:22 [Source: ICIS news]
HOUSTON (ICIS)--US-based on-purpose propylene producer PetroLogistics reported on Wednesday a Q1 2013 net income of $57.1m (€44.0m), up from a net loss of $45.4m, as costs fell faster than sales and the company posted a gain in derivatives.
Sales in the first quarter were $208.7m, down about 11% from $234.7m reported for the same time last year. Sales fell because propylene production fell, the company said.
PetroLogistics produced 298.9m lb (136,000 tonnes) of propylene during the first quarter, compared with 330.9m lb for the same time last year. It sold 288.7m lb of propylene, compared with 356.6m lb for the same time last year.
The propane-to-propylene spread was 50.4 cents/lb ($1,111/tonne), compared with 32.8 cents/lb for the same time last year.
Cost of sales for Q1 2013 was $114.1m, down about 32% from $168.7m reported for the same time last year.
The company reported an unrealised derivatives gain of $18.4m, compared with a loss of $68.4m for the same time last year.
The company has 544,000 tonnes/year of on-purpose propylene capacity at its propane dehydrogenation (PDH) unit in Texas.
($1 = €0.77)
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