Petkim Q2 profit jumps by eight-fold

ISTANBUL

Petkim has raised its profit by eight-fold in the second quarter.

The foreign exchange rate level and the decline in crude material prices have raised Turkish petrochemical maker Petkim’s net profit by eight-fold to 18.27 million Turkish Liras ($8.4 million) in the second quarter.  The company’s sales jumped by 35 percent and became 1.25 billion liras during the period.

Petkim CEO Saadettin Korkut said the market-oriented dynamic planning policy has led to the continuation of a rise in turnover, operational profit, gross profit and net profit figures.

The company’s profit still lagged behind market expectations due to a decline in operational performance, as the contraction in margins surpassed expectations, an assessment note released by Deniz Investment has said.