19 August 2013 11:47 [Source: ICIS news]
LONDON (ICIS)--Petkim aims to stay profitable throughout 2013, having managed to record a net profit for the second successive quarter of this year, Turkey’s sole major petrochemical producer said on Monday.
Cheaper naphtha feedstock, along with optimised production and sales focus, enabled Petkim to defy analysts’ forecasts that it would see a loss in the second quarter. In fact, it posted a net profit for the period of (TL) 1.15m ($592,800, €444,000), against a net loss of TL31.4m a year ago, it added.
The profit was achieved despite second-quarter sales revenues falling by 18% year on year to TL930.3m, the company said.
Petkim blamed volatility in demand for the fall in revenues, but said that, with economic recovery under way in Europe, the company was hopeful that both the third and fourth quarters of this year would prove profitable.
Net profit at Petkim in the first quarter of this year was TL3m.
Petkim, which says it has a one quarter share of the Turkish petrochemical market, is owned by the State Oil Company of the Azerbaijan Republic (SOCAR).
The company is located in Aliaga, near Izmir on western Turkey's Aegean coast.
($1 = €0.75, $1 = TL1.94, €1 = TL2.59)
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