Lotte Pakistan profits dropped in 2011

(tribune) -- The company saw its profit margins decline to such an extent that it posted a loss of Rs411 million in the final quarter, almost triple the losses estimated by analysts. Net profit fell 8% to Rs4.18 billion in 2011 compared with Rs4.53 billion in 2010, according to a notice sent to the Karachi Stock Exchange.


The company's overall gross margin declined by 5 percentage points to 12% against 17% last year.
Lotte Pakistan PTA is a supplier of purified terephthalic acid (PTA), an essential raw material used in the polyester industry.

PTA is sold to the Polyethylene Terephthalate (PET) sector while the rest goes to polyester staple fibre and other sectors. PET is used in the plastics industry for the production of bottles and bed sheets.


Moreover, the company maintained its dividend payout of Rs0.50 per share. The company's stock price fell Rs0.82 - near its lower limit of the day - to close at Rs8.8 during trade at the Karachi Stock Exchange.

Net sales rose 36% to Rs57.6 billion in 2011 against Rs42.4 billion in the preceding year. Other income plummeted by 117% to Rs22.9 million in 2011, which was expected from lower cash balance.

MRC

(chemnet) -- South Korea's petrochemical makers plan to invest Won 7.5 trillion (USD6.7 billion) this year on the upgrading and expansion of their production facilities, up 2.7% from estimated investments of Won 7.3 trillion last year, the Korea Petrochemical Industry Association said Thursday.

The expected 2012 investment figure will be a record high, said KPIA, but it noted that the growth in investment will be slower this year compared with an estimated 28.1% rise in spending last year.

The industry group also said South Korean petrochemical companies are planning to export USD47.5 billion worth of product in 2012, up 4.4% from estimated exports of USD45.5 billion last year.

Meanwhile, South Korea is expected to import USD18.5 billion worth of petrochemical products this year, up 8.8% from an estimated USD17 billion in 2011, it added.

MRC

(chemmonitor) -- The Saudi Arabia-based company Polyolefins Co (SPC) possesses a polypropylene (PP) unit in the Eastern province. The plant produces 720,000 tonnes annually.

The company restarted the unit after maintenance last week. Currently, the plant is operated in full.

The plant's shutdown was entailed by power outage at the site. The facility was off stream more than a week.

SPC is trying to satisfy the buyers' demand for PP. One more Saudi Arabia producer Saudi Basic Industries Corporation (SABIC) operates PP units at the same site.

MRC

(polyestertime) --Polyden Folien have launched their new range of packaging films made with Cardia Biohybrid technology that meet highest packaging performance standards.


Cardia Biohybrid proprietary technology combines renewable thermoplastics with polyethylene material to reduce dependence on finite oil resources and to reduce carbon footprint.

Polyden Folien Managing Director, Peter Moser, said "The combination of packaging performance, environmental profile and cost effectiveness made Cardia Biohybrid technology the solution for Polyden Folien's sustainable packaging needs."


Polyden Folien's product launch of flexible films made with Cardia Biohybrid technology is consistent with the company's business development of sustainable packaging.

Cardia Bioplastics is benefiting from the trend towards sustainable packaging with products used in a broad range of packaging applications, including flexible film, injection moulding, blow moulding, foam, extrusion and coating applications.

MRC

(nasdaq) -- Exxon Mobil Corp.'s (XOM) fourth-quarter earnings edged up 1.6% as high oil prices offset impacts from lower production and weak refining margins.

The company has been distancing itself from the refining and marketing, or downstream, business globally. A number of major energy companies have been repositioning amid a boom in alternative shale energy fields and a glut of refining capacity. However, big investments in shale natural-gas resources, such as Exxon's $25 billion acquisition of XTO Energy in 2010, remain a bet for the future as natural-gas prices remain at historic lows.

Exxon Mobil, the world's largest publicly traded oil company by market value, reported a profit of $9.4 billion, or $1.97 a share, up from $9.25 billion, or $ 1.85 a share, a year earlier.

Revenue increased 16% to $121.61 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.96 on revenue of $119.7 billion.

Exploration and production earnings were up 18% mostly owing to higher prices as production fell 9% on an oil-equivalent basis.

Refining and marketing slumped 63% on weaker refining margins and lower petroleum product sales.

During the quarter, Exxon Mobil repurchased 69 million common shares at a cost of $5.4 billion, including $5 billion to reduce shares outstanding.

On Friday, Chevron Corp. (CVX) reported that its fourth-quarter earnings declined 3.2%, missing expectations, amid losses at its refining business. On Thursday, ConocoPhillips (COP) said its fourth-quarter profit rose 66% as higher oil prices and asset sales helped offset weak refining results.

Shares closed Monday at $85.49 and were inactive premarket.