ERJ staff report (TP)
Moscow – OAO SIBUR Holding, the integrated gas processing and petrochemicals company, announced a sharp decrease in rubber revenue for the first six months of 2014.
Its synthetic rubber business remained under
"significant pressure on the back of a persistently negative market
environment" resulting in a decrease of
revenue by 20.1% year-on-year to RR 13,488 million (€271.3m) from RR 16,878
million in the first half of 2013.
Elsewhere, the company enjoyed more positive news.
SIBUR’s revenue for H1 2014 was RR 171,712 million compared to RR 130,030 million in the first half of 2013.
Sales revenue from energy products increased by 59.8% year-on-year, and revenue from sales of basic polymers rose by 58.2% year-on-year.
This revenue from basic polymers sales was RR 16,695 million year-on-year from RR 10,555 million in H1 2013 – and was due to production increasing by 50% following the launch of the Tobolsk-Polymer plant in the second half of 2013.
Both EBITDA and adjusted profit also went up – 29.8% year-on-year and 32.8% year-on-year respectively.
Adjusted profit year-on-year rose to RR 30,727 million from RR 23,132 million a year earlier. The profit was “positively affected by the increase of operational profit following the launch of new capacities and Russian rouble depreciation”.
The general level of positive growth for SIBUR comes on the back of a 21% revenue increase for Q1 2014 that ERJ reported in June.