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Versalis's operating loss narrows on improved cracker margins

1:14 PM MDT | October 30, 2013 | Ian Young

Versalis (Milan), the chemicals subsidiary of ENI (Rome), posted a €111-million ($153 million) adjusted operating loss in the third quarter compared with a €173-million adjusted operating loss in the corresponding period of last year. Sales declined 12% year-on-year (YOY), to €1.45 billion. Versalis's production also declined YOY, to 1.43 million m.t., from 1.48 million m.t. The narrower operating loss reflects an improvement in steam cracking margins "from the particularly depressed level of 2012," Versalis says. This was partly...

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