Baku, Azerbaijan, April 30
By Emil Ismayilov - Trend:
The net profit of Turkish Petrochemical Holding Petkim, in which SOCAR owns 61.32 percent equity share, was 37 million Turkish liras in the first quarter 2014.
The figure was 3.1 million liras in January-March 2013, while 49 million liras for the year, Petkim said on April 29.
Thereby, Petkim's net profit increased by 12 times in the first quarter of 2014.
"During the reporting period, the company's turnover amounted to about 1.2 billion liras, while the gross profit amounted to 92 million liras," the report says.
SOCAR Turkey Enerji A.Ş and SOCAR International DMCC OGG acquired a 10.32 percent stake in the Petkim petrochemical complex, increasing their stakes to 61.32 percent on March 30, 2012. Some 38.68 percent of the shares are in free circulation on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents being the only Turkish producer of such products. The holding exports a quarter of its products.
The official exchange rate is 2.1313 TL/USD on April 30.
Translated by NH
Edited by CN