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(Reuters) - Turkish petrochemicals maker
Petkim posted a first-quarter loss of USD4.6 million, with rising oil
prices more than offsetting higher sales.
"High prices for raw materials put pressure on product prices ... in the
first quarter, and margins were negative, especially in January and February,"
chief executive Hayati Ozturk said.
Sales at Petkim, owned by Azerbaijani state oil company Socar, rose 28
percent to 1.21 billion lira in the first three months of the year. It made a 77
million lira profit in the 2011 period.
Crude oil prices have risen amid worries the West's dispute with Iran over
its nuclear programme would disrupt global supplies. Petkim said it spent USD15
million in the first quarter to expand capacity, improve efficiency and for
planned maintenance. |
