25 February 2014 01:34 [Source: ICIS news]
LONDON (ICIS)--The petrochemicals division of Hungary's MOL group broke even on a clean current cost of supplies-based (CCS-based) earnings before interest, tax, depreciation and amortisation (EBITDA) basis in the fourth quarter of 2013, the company said on Tuesday.
The result compared to the restated figure of forint (Ft) 0.4bn recorded for the same period of the previous year, it added.
Although the company's integrated petrochemical margin improved to €274/tonne in the fourth quarter of 2013 from €265/tonne in the fourth quarter of 2012, it fell from the €303/tonne seen in the third quarter of 2013, MOL said.
“In the petrochemicals business, the integrated margin became weaker, driving results downwards,” the company said of the quarter on quarter decline.
MOL's fourth-quarter petrochemical product sales volumes were flat both quarter on quarter and year on year, at 330,000 tonnes. Year on year, polymer sales fell 3% to 247,000 tonnes and olefin product sales rose 14% to 83,000 tonnes, the company stated.
The net profit for the fourth quarter of 2013 at MOL – also an oil and gas group – fell to Ft4.9bn from the restated net profit of Ft9.5bn recorded for a year ago, with the group citing the collapse of the refining segment's gasoline crack spread as a major negative factor.
Fourth-quarter net sales revenues fell 4% year on year to Ft1.36 trillion, it added.
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