22 October 2013 08:46 [Source: ICIS news]
KARACHI (ICIS)--Industries Qatar’s net profits fell by 4.8% to Qatari riyal (QR) 6.3bn ($1.73bn) in the first nine months of the year because of lower fertilizer prices and higher operating costs, the company said late on Monday.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the nine months ended 30 September was down by 4.9% to QR6.5bn, the company said in a bourse filing.
Industries Qatar, the second largest listed petrochemicals and metals group after Saudi Arabia's SABIC, cited a steep decline in fertilizer prices, in line with international trends, and higher operating costs caused by increases in natural gas rates under its supply and purchase agreement with state-owned group Qatar Petroleum.
The fertilizer business revenue for the nine months ended 30 September was at QR4.8bn.
Revenue for the same segment of the business in the third quarter was down by 22.1% to QR1.3bn.
However, Abdulrahman Ahmad Al-Shaibi, Industries Qatar chief coordinator said the group recorded a “strong year-on-year volume growth” following the launch of new petrochemical and fertilizer facilities last year.
Furthermore, it has maintained “exceptional petrochemical and steel EBITDA margins”.
Petrochemical revenue for the first nine months of the year was up by 11.5% to QR3.8bn.
Revenue for the same segment of the business in the third quarter was up by 23.9% to QR1.4bn.
($1 = QR3.64)
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