Slovakia's Slovnaft Q1 petchem sales revenues up 7% to €116m

14 May 2013 12:09  [Source: ICIS news]

LONDON (ICIS)--First-quarter petrochemical sales revenues at Slovakia's Slovnaft increased 7% year on year to €116m ($151m) from the restated €108m seen a year ago, the company said on Tuesday.

Slovnaft suffered from “a persisting decrease in demand for refinery and petrochemical products on European markets as well as from foreign exchange rate developments,” the company said.

However, the first quarter was notable for breakthroughs in selling plastics on the French and Italian markets, it added.

Slovnaft's integrated petrochemical margin for the first quarter of this year rose 46% year on year to €235/tonne, due to lower naphtha feedstock prices, the company said.

First-quarter net profit at Slovnaft sank to €10m from the restated €41m recorded for the initial quarter of 2012, with the economic downturn taking a particular toll on the profitability of the producer's crude oil products, Slovnaft said.

Net sales revenues were flat at €1.1bn.

Slovnaft is a subsidiary of Hungary's MOL oil, gas and petrochemicals group, which published its own first-quarter results earlier on Tuesday.

($1 = €0.77)

By: Will Conroy
+44 20 8652 3214

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