Turkey’s Petkim’s net profit surges 195% in Q1
The company reported a net profit of 146.47 million TL ($52.1 million) for the January-March period, up around 195% compared with the same period of 2015 while Petkim’s sales also rose about 18% to reach 1.1 billion TL ($392.5 million) in the first three months. The company’s capacity utilization rate was reported at 92.7%.
Petkim reported that Asian producers, especially non-integrated ones, struggled to achieve healthy margins due to high feedstock costs and that during that period they had also experienced maintenances at their plants. In addition, due to volatile exchange rates and uncertainty in the petrochemical sector, local buyers preferred to purchase prompt cargoes, which supported the market in the first quarter.
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