15 May 2014 21:58 [Source: ICIS news]
LONDON (ICIS)--Major synthetic rubber producer Synthos saw its Q1 net profit fall almost 20% to Polish zloty (Zl) 108.1 m (€28.5m) from Zl 134.9m a year ago, with rebounding naphtha-butadiene spreads putting a brake on the decline, the company said on Thursday.
Q1 2014 net revenues stood at Zl 1.3bn compared with Zl 1.4bn in the same period of 2013, while operating profit was Zl 120.8m, falling from Zl 152.9m in last year’s first quarter, the Poland-based company added.
Synthetic rubber companies such as Synthos struggled with declining emulsion styrene butadiene rubber (E-SBR) spreads during the first quarter but nevertheless recovered from depressed profitability seen in the second half of last year, said Prague-based investment bank WOOD & Company.
Synthos, also a styrenics producer, said that longer term its profitability would be secured by diversifying production with a planned neodymium polybutadiene rubber (Nd-PBR) plant at the Triunfo Petrochemical Complex in the southernmost Brazilian state of Rio Grande do Suland and possibly with a production venture in North America.
(€1 = Zl 4.19)
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