LONDON (ICIS)--Cepsa’s first-quarter petrochemicals division adjusted net profit rose by 20% year on year to €32.2m on the back of higher sales of raw materials for textile fibres and improved margins in raw material for plastics and solvents, the Spanish oil major said on Friday.
Improved results from some petrochemicals division operations, improved refining margins and better national demand for gasoline and fuel oil were all strong contributors to the overall group results, the company added.
Lower LAB margins were offset by higher sales of textile fibres, purified terephthalic acid (PTA), purified isophthalic acid (PIA) and polyethylene terephthalate (PET), as well as improved margins in phenol and acetone, used for the manufacturing of plastics and solvents, the company said.
The company expects to improve its petrochemicals output with the opening of a phenol plant in Shanghai, which is scheduled for completion in the second half of 2014.
Overall, Cepsa reported first-quarter adjusted net profit of €85.8m, up 40% year on year.
However, the company said when applying the negative currency exchange due to a weak dollar and taking into account "cheaper" crude oil price, non-adjusted net profit for the first quarter of 2014 would have been €46.9m, down 24% year on year.