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MOL’s petrochem unit reports Q2 loss on demand drop

August 31/2009
August, 31 (plastemart.com) -- Hungary’s oil and gas major MOL’s petrochemicals unit TVK has reported a Q2 loss of HUF 4.7 bln loss and operating loss of HUF 7 bln on dwindling margins. Margins were affected as weakening demand pulled down polymer prices that did not match a steep rise in feedstock naphtha prices.

Amid a scenario of lacklustre demand, energy prices rose and output fell because of maintenance and reconstruction work at TVK’s base. Not only was this loss in sync with market expectations, it was almost equal to the loss made by the company in the same period a year ago. Total operating revenue fell 39% to HUF 51.4 bln. Cost of raw materials and consumables dropped 40% to HUFF 48.8 bln.

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