MOSCOW (MRC) -- Slovnaft, the Slovakian unit of Hungarian oil and gas company MOL, saw its net profit improve in the first quarter to EUR17 mln over a EUR9 mln net loss in the same period a year earlier, said BBJ.
Net sales fell by18% to EUR798 mln, while operating profit came to EUR57 mln, as compared to a EUR3 mln loss in the base period, the company said. Improved margins and lower crude prices supported the improvement, MOL added.
At Slovnaft?s refinery in Bratislava, petrol output rose 16% to 335,000 tons and diesel output increased 3% to 727,000 tons, while output of other petrochemical products grew 29% to 97,000. Export volume rose 9% to 1.06m tons. Domestic sales volume increased 6% to 343,000 tons.
The company added that it had moved into the final phase of construction of its planned EUR300m and 220,000 tonne/year LDPE 4 installation which should replace its existing 175,000 tonnes/year low-density polyethylene (LDPE) production lines. The plant was on schedule to be launched at the end of this year, it said.
Slovnaft Petrochemicals, s.r.o., represents the Petrochemicals Division of Slovnaft Group. It produces polymers of high quality which are base materials with a broad range of uses. The geographical position of company gives it an important advantage when penetrating the quickly growing polymer markets of Central Europe.
MRC