Petkim petrochemical holding’s net profit rises 11 times
Baku, Azerbaijan, Aug. 12
The net profit of Turkish petrochemical holding Petkim in the first half of 2014 was 55 million Turkish liras, or 11 times more than in January-June 2013, according to a message posted on the holding's website.
Azerbaijan's State Oil Company (SOCAR) holds 61.32 percent of equity share in Petkim.
Petkim made a net profit of 49 million liras in 2013.
"During the reporting period, the company's turnover was 2.44 billion liras, while the utilization rate of production capacity increased by nine percentage points and reached 90 percent," the holding said.
SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired a 10.32 percent stake in Petkim on March 30, 2012, increasing SOCAR's stake in the company to 61.32 percent. Some 38.67 percent stake is in free circulation on the Istanbul Stock Exchange.
Petkim Petrokimya Holding manufactures plastic packages, fabric, PVC and detergents. It is the sole Turkish producer making such products, a quarter of which the company exports.
The official exchange rate for Aug. 12 is 2.1489 TL/USD.