Moscow – Sibur Holding has seen a double-digit decline in its elastomers sales for the first half of 2020, due mainly to lower volumes.
Revenue from elastomers sales fell 34% year-on-year to Rub19 billion (€219 million) during the first six months of the year, due to negative pricing dynamics and a decrease in volumes.
Elastomers volumes fell 20% to 213,000 tonnes during the first six months due to the sale of Togliatti-based rubber assets in November 2019, the Moscow-based group announced 4 Aug.
Plastics, Elastomers & Intermediates segment, which includes Sibur’s rubber and elastomer operations, recorded a 27.7% drop in revenue to Rub57.1 billion during the first half.
Segment adjusted earnings (adjusted EBITDA) was more than halved to Rub5.2 billion, Sibur reported.
Sibur linked the weak group performance to the global outbreak of Covid-19 pandemic.
To curb the impact of the pandemic, Sibur said it had prioritised safety of employees, production and sales efficiency as well as optimising the cost of its investment programme and liquidity manegement.
Sibur said it developed and implemented a plan to switch to remote and shift work, which proved to be effective.
With the easing of restrictions, Sibur said it was gradually returning to its standard mode of operations with necessary security measures in place.