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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections