13 August 2013 03:00 [Source: ICIS news]
LONDON (ICIS)--Hungary's TVK posted a second-quarter net profit of forint (Ft) 2.66bn ($11.9m, €8.9m), compared with a restated net profit of Ft189m it saw in the same period a year ago, with improved margins driving the better performance, the petrochemical producer said on Tuesday.
Second-quarter net sales revenues edged up by 3% year on year to Ft98.75bn from a restated figure of Ft96bn, the company added.
Operating profit was Ft3.86bn, compared with a restated operating loss of Ft711m a year ago, TVK said.
“Thanks to the improving external environment, namely the petrochemical margin, and the internal efficiency improvement program the second quarter results of our company are reassuring,” said TVK CEO Zsolt Petho.
“Our performance is more valuable as market demand has not stabilised yet and it is well below the pre-crisis level and did not reach the former dynamism in our most important markets,” he added.
The lack of market demand meant that the overall capacity utilisation rate of TVK's production units was only at 80.8%, but this low level was above the levels achieved by the company's regional competitors, Petho said.
The company's integrated petrochemical margin in the second quarter of this year was €332/tonne ($443/tonne), compared with €318/tonne in the same period last year and €312/tonne in the first quarter of 2013.
Cheaper naphtha helped boost the margin, TVK said.
TVK is a subsidiary of Hungary's MOL oil, gas and petrochemicals group, which published its own first-quarter results earlier on Tuesday.
($1 = €0.75, $1 = Ft223.4)
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