Petkim Posts Loss

Petkim (Izmir), Turkey’s biggest petrochemicals producer, posted a TL7.9-million ($4.5 million) loss for the first quarter of 2012 compared with net income of TL77.2 million in the same period of 2011. Rising raw material prices, particularly crude oil, more than offset higher sales. Margins were especially negative in January and February, says Hayati Ozturk, CEO. Petkim’s first-quarter sales increased 28%, to TL1.21...

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