Hungary's MOL swings to petchem CCS-based Q2 EBITDA of Ft3.5bn

13 August 2013 02:42  [Source: ICIS news]

LONDON (ICIS)--Hungary's MOL group’s petrochemicals division swung to clean current cost of supplies-based (CCS-based) earnings before interest, tax, depreciation and amortisation (EBITDA) of forint (Ft) 3.5bn ($15.66m, €11.77m) in the second quarter of 2013, on the back of improved margins, it said on Tuesday.

The figure compared to the restated loss of Ft2.3bn on the clean CCS-based EBITDA line in the second quarter of 2012, the oil, gas and petrochemicals group added in a statement.

MOL's Q2 petrochemical product sales volumes moved up by 15% year on year to 344,000 tonnes from 298,000 tonnes, with polymer sales volumes up by 22% to 254,000 tonnes from 209,000 tonnes.

“The petrochemical segment's contribution increased further in Q2 2013 on a quarterly comparison,” MOL said in the statement.

“The positive change was mainly supported by an integrated petrochemical margin improvement due to lower naphtha prices, and an increase of sales volumes even though demand recovery of petrochemical products has not taken place,” it added.

MOL's integrated petrochemical margin in the second quarter of this year was €315/tonne ($420/tonne), as against €290/tonne in the second quarter of 2012 and €288/tonne in the first quarter of this year.

The company noted that this confirmed a petrochemical margin recovery from the historically low levels seen during the first half of last year.

Net profit for the second quarter at MOL rose to Ft20.0bn from a restated net profit of Ft0.5bn a year ago.

Sales revenues were exactly flat year on year at Ft1.32 trillion, compared to restated sales revenues of Ft1.32 trillion in the second quarter of last year.

($1 = €0.75 / $1 = Ft223.42 / €1 = Ft297.36)

By: Will Conroy
+44 20 8652 3214

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