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Versalis posts net loss in Q3 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 31/10/2014 (13:41)
Italy’s Versalis reported a net loss for a second consecutive quarter in the third quarter of 2014, according to a statement on the company’s website. The company posted a €66 million ($83 million) net loss on a quarterly basis compared to a €86 million loss in the same period of the previous year.

The company, which is wholly owned and controlled by energy major Eni, cited lower oil-based feedstock costs against the backdrop of continued weakness in commodity demand and increasing competition from Asian producers as the main factors behind the company’s weak financial results.

The company’s sales of intermediates posted a 17% decrease on a quarterly basis while polymers sales were also down 6% in the third quarter.
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