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NKNK reports lower earnings, advances cracker project

7:15 AM MDT | March 28, 2014 | Natasha Alperowicz

Nizhnekamskneftekhim (NKNK; Nizhnekamsk, Russia), a major producer of petrochemicals, today reported lower earnings and revenues for full-year 2013, citing a slowdown in the global economy. Revenues were down 3.4%, to 126 billion Russian rubles ($3.53 billion), on the back of lower prices, the stagnant global petrochemical industry, and unfavorable rubber markets. The company, nevertheless, has increased its share of the rubber and plastics markets to support future growth. Ebitda in 2013 was down 42.4%, to R13.2 billion. Operating profit was 52.8% lower, at R9.1...

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