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Net income at Westlake Chemical Partners down in Q2
03
Aug '16
Courtesy: Wlkpartners
Courtesy: Wlkpartners
Net income attributable to Westlake Chemical Partners for the three months ended June 30, 2016 was down to $9.3 million, or $0.34 per share as against $10.4 million, or $0.39 per share in the fiscal ago period.

The decrease in net income was primarily due to lower operating rates at Westlake Chemical OpCo LP's in Lake Charles, Louisiana due to the planned turnaround and force majeure at Calvert City, Kentucky facility.

For the second quarter of 2016, cash flow from operations was $72.7 million, a decrease of $44.0 million compared to second quarter 2015 cash flow from operations of $116.7 million.

MLP distributable cash flow was $4.3 million in the reporting quarter, down from MLP distributable cash flow of $9.2 million in the second quarter of earlier fiscal.

“The decrease in MLP distributable cash flow was also due to higher maintenance capex and lower operating rates at Petro 1, and higher maintenance activity and lower operating rates at Calvert City,” the Partnership said.

“Our Calvert City Olefins unit experienced an unexpected shutdown that occurred on June 1, 2016 and we restarted the unit in mid July 2016,” it added.

The second quarter of 2016 distribution increased 12.0 per cent compared to the second quarter of 2015 distribution and 2.87 per cent vis-à-vis the first quarter of 2016 distribution. (AR)

Fibre2fashion News Desk - India

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