Turkish Petkim discloses net profit growth
Baku, Azerbaijan, April 29
By Rufiz Hafizoglu - Trend:
Turkey's Petkim petrochemical complex's net profit totaled 148.86 million Turkish lira in the first quarter of 2016 increasing by 3.35 times per annum, said a message published on the Turkish State Public Enlightenment Agency's website April 29. Net profit margin increased from 4.7 to 13.4 percent.
According to the message, the gross profit of the complex hit 210.979 million Turkish lira increasing by 2.5 times during the year. The operating profit increased by 22 times up to 182.394 million Turkish lira. The gross profit margin increased from 9 to 19 percent, while operating profit - from 0.9 to 16.5 percent.
Petkim's assets amounted to 5,460,995 million Turkish lira as of late March 2016 compared to 5,460,665 million lira a year earlier, the message said.
According to the message, Petkim's short-term liabilities amounted to 1,920,168 million lira in the first quarter of 2016 (a 21.2 percent growth for the year), while long-term liabilities decreased by 1.9 percent - 1,050,87 million Turkish lira. Petkim's equity capital hit 2,489,96 million Turkish lira with a 11.2 percent decrease.
The gross output volume amounted to 802,822 tons in January-March 2016 or by 5.2 percent more than in the same period of 2015. Sales volumes increased by 19.05 percent up to 473,292 tons in the total amount of 1,108,525 lira (an 18.2 percent growth), the message said.
Petkim's authorized capital increased up to 1.5 billion Turkish lira. The share holding in the capital is as follows in the first quarter of 2016: SOCAR TURKEY PETROKİMYA A.S. - 51 percent, SOCAR TURKEY ENERJİ A.S. - 5.3216 percent, while 43.6784 percent are in free float.
At present, the US Goldman Sachs bank, which owns 7.68 percent of shares, is also among the shareholders.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.
The Turkish central bank's official exchange rate hits 2.82 TRY/EURO as of April 29.
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