Slovakia’s Slovnaft Q3 petchem revenues rise 14% to €111m

15 November 2013 12:45  [Source: ICIS news]

LONDON (ICIS)--Slovnaft’s third-quarter petrochemical sales revenues grew 14% year on year to €111m ($150m) from €97m in the same period of last year, the Slovak company said on Friday.

The third quarter also saw the company’s average petrochemical margin increase by 36% year on year to €286/tonne due to lower naphtha prices, it said.

Net profit at refiner Slovnaft fell 35% year on year in the quarter to €36m, with net sales revenues edging up 3% to €1.27bn from a restated €1.23bn in the third quarter of 2012.

In its petrochemical business, overall monomer and polymer production in the period rose 13% year on year to reach 87,000 tonnes.

Updating progress on its €200m project to launch a new low density polyethylene (LDPE) plant, with a capacity of 220,000 tonnes/year, by 2015, Slovnaft said the third quarter saw it begin construction of the installation at the company's production site in Bratislava.

The plant is to replace Slovnaft's seven existing ageing polyethylene (PE) lines, and increase polymer output by 42,000 tonnes/year.

Slovnaft is a subsidiary of Hungarian oil, gas and petrochemicals group MOL, which reported its own Q3 results earlier on Friday.

($1 = €0.74)

By: Will Conroy
+44 20 8652 3214

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