US PetroLogistics Q2 income rises on lower compensation expense

24 July 2013 23:35  [Source: ICIS news]

HOUSTON (ICIS)--US-based propylene producer PetroLogistics reported on Wednesday a Q2 net income of $41.4m (€31.5m), up from a net loss of $37.8m because the company reported a much smaller equity-based compensation expense.

In addition, PetroLogistics reported a slight gain on derivatives versus a loss during the same time last year.

However, the company's Q2 gross profit dropped 33% to $48.3m because revenue fell faster than costs.

PetroLogistics reported Q2 sales of $159.4m, down 18% from $193.8m for the same time last year.

The company attributed the drop to an unplanned outage in June.

The company produced 255m lb (113,000 tonnes) of propylene in the second quarter, down from 324m lb for the same time last year. It sold 265m lb of propylene, down from 310m lb for the same time last year.

Cost of sales were $111.1m, down 8% from $121.3m reported for the same time last year.

PetroLogistics owns a 544,000 tonne/year propane dehydrogenation (PDH) plant in Houston.

($1 = €0.76)

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By: Al Greenwood
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