Hungary’s TVK Q1 net profit surges to Ft3.4bn on margins, efficiency

08 May 2014 03:30  [Source: ICIS news]

LONDON (ICIS)--Hungary's TVK posted a first-quarter net profit of Ft3.36bn, surging from a net profit of Ft21m in the same period of 2013, on the back of higher margins and efficiency gains, the petrochemical producer said on Thursday.

First-quarter net sales revenues edged up 3% year on year to reach Ft100.6bn from Ft97.3bn in the first three months of last year, the company added.

Operating profit rose to Ft5.19bn, rising from Ft2.18bn a year ago, TVK said.

“The company achieved a very successful quarter, something that has not been seen for a long time,” TVK CEO Zsolt Petho said in statement.

“We realised more than Ft5bn in operating profit as a result of increasing margins and the favourable exchange rates, and sales volumes also increased by 6% compared to the same period of the last year,” Petho added.

“While our margins grew, we were able to maintain our costs at a lower lever then in the preceding period. Our implemented actions effectively contributed to operational efficiency,” he said.

The company could look forward to an operating profit in the second quarter of this year as well, Petho said.

TVK's integrated petrochemical margin rose to €318/tonne in the first quarter of 2014 from €312/tonne in the same quarter of 2013, and from the €286/tonne seen in the fourth quarter of 2013.

TVK is a subsidiary of Hungary's oil, gas and petrochemical group MOL, which reported its own fourth-quarter results earlier on Thursday.

By: Will Conroy
+44 20 8652 3214

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