23 October 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--PetroLogistics' Q3 net income rose exponentially year over year to $55.1m (€40.2m) from $600,000 the year prior thanks to increased sales and no loss on derivatives, the US-based propylene producer announced on Wednesday.
Total sales were $198.4m for the third quarter of 2013, up more than 27% from $156.1m in Q3 2012.
The company, which operates a propane dehydrogenation plant on the Texas Gulf Coast, produced 312.9m lbs of propylene and sold 301.8m lbs of the chemical during the third quarter of 2013.
The average polymer-grade propylene (PGP) benchmark price for the third quarter was 68.3 cents/lb, with the average propane-to-propylene spread sitting around 39.0 cents/lb, the company said.
PetroLogistics also benefitted from not suffering a loss on derivatives as it had in Q3 2012, when some $31m was deducted from the bottom line due to propane hedge swaps.
“In the third quarter, the Partnership’s results benefited from stable operating performance and healthy propane-to-propylene spreads,” said CEO Nathan Ticatch. “The first planned triennial turnaround commenced on [28 September] and is progressing well. Included in the turnaround scope are numerous capital and maintenance projects designed to improve plant reliability. Accordingly, upon completion of the turnaround, we look forward to continued improvement in plant performance.”
($1 = €0.73)
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