Turkey’s Petkim announces financial results for H1 2015
The company reported a net profit of 290 million TL ($104 million) for the January-June period, up from 95 million TL ($34 million) in the same period of 2014. In the second quarter, meanwhile the company’s net profit reached 206 million TL ($74 million) up from 21 million TL ($7.5 million) in the second quarter of the previous year. Petkim’s General Manager Sadettin Korkut reportedly attributed their stronger profit to an increased capacity utilization rate at their ethylene unit, persistently low feedstock prices, successful inventory management as well as the adoption of a new sales and production strategy.
Petkim’s sales revenue, however, declined to 2.08 billion TL ($747 million) in the first half of 2015 from 2.44 billion TL ($876 million) in the same period of 2014. Sales revenue also declined to 1.15 billion TL ($413 million) in the April-June period of the current year, down from 1.25 billion TL ($449 million) in the second quarter of 2014. On the other hand, EBITDA (earnings before interest taxes depreciation and amortization) increased to 184 million TL ($66 million) in the January-June period of 2015, up from 52 million TL ($18.7 million) the same period of the previous year. In the second quarter, meanwhile, EBITDA rose to 176 million TL ($63 million), up from 25 million TL ($9 million) the second quarter of the previous year.
In the first half of the year, the company’s production reached 1.54 million tons, up from 1.47 million tons the previous year while its capacity utilization rate fell around 2.7% from a year earlier to 86.9%.
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