Russian SIBUR first-quarter output increases, profit falls 26.2%

18 June 2013 11:54  [Source: ICIS news]

MOSCOW (ICIS)--Russian major petrochemical company SIBUR reported increased production but a fall in profit in its first-quarter results on Tuesday.

In January-March 2013, SIBUR's gas processing plants processed 4.9bn cubic metres of associated petroleum gas (APG), or 5.3% up year on year, the company said. Raw natural gas liquids (NGL) production was up by 12% year on year at 1.3m tonnes. The results are in accordance with International Financial Reporting Standards (IFRS).

SIBUR produced 100,290 tonnes of basic polymers, or 3.6% up year on year, and 119,363 tonnes of synthetic rubber, 1.9% up year on year, the company said.

Its production of plastics and organic synthesis products reached 236,603 tonnes, or up 17.1% year on year.

In the first quarter, SIBUR's revenue was 7.6% down year on year at rouble (Rb) 66.2bn (€1.56bn).

The decrease was caused by lower revenue from synthetic rubber sales due to low demand, and the recent divestment of a mineral fertilizers business, it said.

Net profit was 26.2% down year on year at Rb15.63bn.

(€1 = Rb42.43)

By: Sergei Blagov
+44 20 8652 3214

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