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Hungarian TVK’s profit increases 87% in Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 06/11/2014 (15:49)
Hungary’s TVK, the petrochemical subsidiary of MOL, announced its financial results for the third quarter of 2014, according to a press release dated November 6 on the company’s website. The company’s net profit rose 87% to reach Forint 4.8 billion ($20.4 million) in the third quarter of this year compared to the same period last year. The favorable exchange rates, decreasing energy prices and increased margins were cited as the main factors behind the company’s stronger results. The company noted, “Industry margins in Q3 widened from a year earlier, as decreases of up to 6% in feedstock prices in dollar terms were couple with increases of up to 3% in product prices in euro terms.”

TVK’s net sales decreased £303.9 million from €341.6 million in the previous year, down 11% on a yearly basis while EBITDA rose 24.3% year over year to reach €32.2 million in the third quarter. The company’s production decreased 11.1% year over year to 273,000 tons/year in Q3 due to several maintenance projects while polymer production retreated 6.3% on a yearly basis to 165,000 tons, however it represented an increase of 10% from the previous quarter. The company’s output of olefins products also fell 16.9% to reach 108,000 tons from 130,000 tons in the same period of 2013.

TVK is able to produce 660,000 tons/year of olefins, 420,000 tons/year of HDPE, 280,000 tons/year of PP and 65,000 tons/year of LDPE. The company is also building a 130,000 tons/year butadiene plant which is expected to be online in the second quarter of 2015.

The company said it expects to raise profits in the fourth quarter as it concentrates on improving its capacity utilization rate noting that as of early November, average production and sales are already higher than those of Q3.
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