Russian NKNKh Q1 net profit decreases by 38.5% year on year

16 May 2013 15:06  [Source: ICIS news]

MOSCOW (ICIS)--Russia's leading petrochemical producer, Nizhnekamskneftekhim (NKNKh), reported on Thursday lower profit and sales in the first quarter of 2013.

NKNKh's net profit was rouble (Rb) 3.13bn (€77m, $99m), or 38.5% down year on year, the company said. The company's sales were Rb30.92bn, 10.7% lower year on year.

Sales of synthetic rubber amounted to Rb13.73bn, 23.7% down year on year, while plastics sales totalled Rb11.29bn, or 16% up year on year.

Continued economic decline in Europe, as well as volatile prices and demand, adversely affected the company's exports of synthetic rubber, the report said.

NKNKh, which is based in Tatarstan, central Russia, said it exports more than 90% of its total synthetic rubber volumes.

(€1 = Rb40.53, $1 = Rb31.5)

By: Sergei Blagov
+44 20 8652 3214

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