Austria's OMV swings to Q1 petchem operating profit of €41m

14 May 2013 11:48  [Source: ICIS news]

LONDON (ICIS)--Operating profit for OMV's petrochemicals business rose to €41m ($53.2m) in the first quarter from €7m in the same period last year, driven by higher west European contract prices, the Austrian group said on Tuesday.

First-quarter petrochemical sales volumes were flat both year on year and quarter on quarter at 570,000 tonnes, OMV added.

OMV – an oil, gas and petrochemicals group – reported overall net profit for the quarter of €786m, against €452m a year ago, with sales revenues increasing 4% to €10.8bn from €10.4bn.

Operating profit rose to €1.3bn from €912m. Borealis, the Austria-based plastics producer in which OMV holds a 36% stake, contributed €22m to the group's operating profit against €28m a year ago, as a result of the planned turnaround of the Borouge 1 and Borouge 2 installations, OMV said.

Looking at prospects of the remainder of this year, OMV said that “in the petrochemicals business margins are expected to remain at the 2012 level with modest economic growth in the key markets anticipated to weigh on profitability”.

Looking at the first-quarter results investment bank WOOD & Company said OMV benefited from “very strong petchems contributions” but that overall there were no major surprises in the main business segments.

($1 = €0.77)

By: Will Conroy
+44 20 8652 3214

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