Turkey’s Petkim announces financial results for Q4 2015
According to media reports, the company reported a net profit of 125 million TL ($42.8 million) for the September-December period, up significantly from 4 million TL ($1.37 million) in the same period of 2014 while it indicated a decrease compared to the net profit of 276 million TL ($94.6 million) posted in the third quarter. Market expectations called for a net profit of 135 million TL ($46 million).
The yearly increase in net profit was led by rising gross earnings as Petkim’s ethylene production rose 13% and the ethylene units operated without any shutdown last year. In the fourth quarter of 2014, the company had halted its ethylene production and the company met its needs from third parties, which resulted in higher production costs.
Higher net sales, which rose around 40% in the last quarter to 1.15 billion TL ($394.8 million) compared with the same period of 2014, also helped push profits higher. For 2016, market expectations called for an increase to 5 billion TL ($1.71 billion) in net sales.
For the full year of 2015, Petkim’s net profit was reported at 626 million TL ($215 million), mostly stemming from the higher gap between ethylene and naphtha prices and rising ethylene production.
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