24 January 2014 09:06 [Source: ICIS news]
LONDON (ICIS)--PKN Orlen’s petrochemical division posted an operating profit of zloty (Zl) 229m (€55m) in the fourth quarter of 2013, down by 14.2% year on year, weighed down by unplanned plant shutdowns, the Polish group said on Friday.
Fourth-quarter revenues for the division dropped 5.1% year on year to Zl 4.82bn, the company said in a statement.
Petrochemical earnings before interest, tax, depreciation and amortisation (EBITDA) were down to Zl 417m from Zl 444m.
Orlen said the fourth quarter benefited from higher sales of nitrogen fertilizers, polyvinyl chloride (PVC) and purified terephthalic acid (PTA) but was hit by lower sales of olefins and polyolefins as a result of the breakdown of the Basell Orlen Polyethylene (BOP) joint-venture polyethylene II unit and a shutdown of the Unipetrol subsidiary’s olefin unit.
The group’s model petrochemical margin for the fourth quarter stood at €736/tonne, compared with €729/tonne in the same period of the previous year.
Orlen saw its butadiene margin sink 68% year on year to €835/tonne and its toluene margin drop 50.9% to €387/tonne.
The company, which is also a refiner, reported a wider overall fourth-quarter net loss of Zl 479m from Zl 451m in the same period in 2012 because of poor refining margins.
Group revenues for the quarter fell 11.4% year on year to Zl 27.68bn.
(€1 = Zl 4.18)
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