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Petkim posts Q1 loss on high oil prices

May 03/2012

(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.
Author:Anna Larionova
Tags:oil, neftehimiya.
Category:General News
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