Czech Unipetrol narrows Q4 net loss on solid petrochemical margins

24 January 2014 10:02  [Source: ICIS news]

LONDON (ICIS)--Unipetrol narrowed its fourth-quarter 2013 net loss to koruna (Kc) 690m from a loss of Kc2.8bn (€25m) reported in the same period the year before, as solid petrochemical margins countered weak refining margins, the Czech company said on Friday.

Revenues in the fourt quarter fell 5% year on year to Kc25.1bn from Kc26.3bn, it added.

Fourth-quarter petrochemical operating profit at Unipetrol sank 64.7% year on year to Kc153m, according to research from Prague-based investment bank WOOD & Company.

“The petchem contribution has more than halved year on year which is somewhat disappointing given the very strong underlying margins in the ethylene value chain,” Robert Rethy, an analyst at the bank, said in a note to investors.

The profitability of Unipetrol’s petrochemical division weakened due to a lower olefin margin - it fell to €345/tonne in the fourth quarter of 2013 from €365/tonne in the same quarter of 2012 - and slightly lower polymer sales volumes, Unipetrol said.

Overall fourth-quarter petrochemical sales volumes declined 7% year on year to 420,000 tonnes from 453,000 tonnes, it added.

Unipetrol is 63%-owned by the Polish PKN Orlen oil and petrochemicals group, which reported its own fourth-quarter earnings earlier on Friday.

(€1 = Kc27.48) 


By: Will Conroy
+44 20 8652 3214



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