Gail India increases its net profit in Q1

NEW DEHLI(GAIL) -- Gail India Ltd has reported an increase in its net profit for the Q1 on increased sales driven mainly by higher volume of natural gas transmission, higher production of LPG and liquid hydrocarbons and increase in price of APM gas and polymers.

Q1 net profit reported was of Rs.886.88 crores, rising by 35% in Q1-2009. Net sales for the quarter increased by 17% to Rs.7,095.95 crore y-o-y, while other operating income amounted to Rs.19.80 crore, vs Rs.19.91 crore in the corresponding quarter last year.

Revenue from "Petrochemicals" segment during the quarter amounted to Rs.637.56 crore, marginally down from Rs.638.63 crore for the same period last year.

GAIL also decided to expand the capacity at its Pata petrochemical plant (see also mrcplast.com from August 4 2010), which might seriously reflect on the company's results after the expansion.

MRC

(Dow) -- Q2 profits posted by Dow is lagging behind analysts' estimates due to reduced demand for crop-chemicals affected by adverse weather, and unexpected shutdowns of polymer plants in Texas and Argentina. Net income was US$651 mln compared with a net loss of US$344 mln a year ago. Dow lost US$300 mln in revenue because of the month long closure of its polyethylene plant in Argentina and disruption to operations at the Deer Park and Oyster Creek plants in Texas. The polyethylene plant in Argentina is Dow's largest in Latin America, Deer Park makes methyl methacrylate, and Oyster Creeks makes phenol, which is used to make specialty plastics.

MRCMRC Reference

Share in the Russian market, 2008:

polyethylene - 2.5% (including LLDPE - 33.1%);

polypropylene - 0.8% (including PP-impact - 1.1%);

polystyrene - 2.6%.

Annual sales growth in Russia, recent 5 years:

polyethylene - 55%;

polypropylene - 28%;

polystyrene - 2%.

Imports by processing technologies:

pipe extrusion;

film extrusion;

sheet extrusion;

foaming.

MOSCOW (RIA Novosti) -- A minor fire broke out on Tuesday night in the territory of Kapotnia refinery, Moscow. The incident did not affect production.

Information about the fire at the pumping unit at Kapotnia refinery was forwarded to the fire station at 2:35 AM. The cause of the fire is being investigated at the moment.

MRC

(Interfax) -- In H1, Nizhnekamskneftehim received RUB 3,46 bln. net profit compared with RUB 407m net loss during the same period last year. In Q2 the company's net profit amounted to RUB 2,02 bln., which is a 41% increase compared with Q1. The growth of net profit was due to increase in earnings and costs reduction, according to the company's estimations.

MRC

MRC Reference

Share in Russian market in 2008:

polypropylene - 25% (including

PP-block - 34.7%,

PP-random - 22.1%);

polystyrene - 34.5%.

Leader in polymer processing technologies:

sheet extrusion;

film extrusion;

threads/fibers;

moulding.

(Reuters) -- Taiwan's Formosa Petrochemicals Corp plans to delay maintenance of its 1.03 mln tpa No 2 cracker from Aug. 20 to an undecided date, probably in October, to ensure steady production. Incidents at the 540,000 bpd Mailiao complex last month shut down other parts of its giant refinery complex. Thus, it is likely that Formosa will first reopen its 700,000 tpa No 1 naphtha cracker by September/October after a fire on July 7. Simultaneously, FPG will proceed with a government-ordered inspection of a residue sulphurisation unit where another fire shut part of the complex last week.

MRCMRC Reference

Formosa

The share in the Russian market in 2008:
PVC-S - 3.0%;

PP - 0.4%.

Annual growth sales in Russia :
PVC - 79 % (over the last year) ;

PP - 272 % (over the last 3 years).

Supply by processing technologies:
profile extrusion

film extrusion