Petkim Reports First Quarter Loss on High Raw Material Costs

Petkim (Istanbul), Turkey’s biggest petrochemicals producer, reported a TL7.9 million ($4.5 million) loss for the first quarter of 2012 compared with a net income of TL77.2 million in the corresponding period of 2011. Rising raw material prices, particularly crude oil, more than offset higher sales. Margins were negative, especially in January and February, says Hayati Ozturk, CEO.   The company, owned by the Azerbaijan state oil and gas major Socar, reported a 28% increase in sales to TL1.21 billion in the first three months of this year. Petkim said...

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