Home / Knowledge / News / Textiles / ORL Polymers generates operating profit of $8 mn
ORL Polymers generates operating profit of $8 mn
21
Aug '08
Oil Refineries Ltd (ORL) announced its financial results for three and six month periods ending June 30, 2008.

SECOND QUARTER 2008 Refining margin for the second quarter 2008 totaled USD/bbl 9.2 compared with USD/bbl 3.7 in the first quarter 2008. Refining margin for the second quarter 2008, net of both the IFRS recording method for derivative transactions and inventory gains, totaled USD/bbl 6.7, compared to USD/bbl 2.4 in the first quarter 2008.

The Mediterranean Ural Cracking Margin average quoted by Reuters for the second quarter 2008 totaled USD/bbl 6.3. Consolidated EBITDA for the second quarter 2008 totaled $114 million, compared to $35 million in the first quarter 2008.

Consolidated Operating Profit for the second quarter 2008 totaled $95 million, compared to $16 million in the first quarter 2008. Operating profit from the Refining and Trade Segment totaled $78 million in the second quarter 2008, compared to $7 million in the first quarter 2008. Operating profit from the Petrochemicals Segment totaled $18 million in the second quarter 2008, compared to $10 million in the first quarter 2008.

The Petrochemicals Segment includes the results of the Polymers Section (through 50%-held Carmel Olefins Ltd.) and the Aromatics Section (through wholly owned Gadiv Petrochemical Industries Ltd.). The Polymers Section generated an operating profit of $8 million in the second quarter 2008, compared to break even in the first quarter 2008. Operating profit of the Aromatics Section in the second quarter 2008 totaled $10 million, similar as the $10 million generated in the first quarter 2008.

Consolidated net income for the second quarter totaled $71 million, compared to $2 million in the first quarter 2008. FIRST SIX MONTHS 2008 Refining margin for the first six months 2008 totaled USD/bbl 6.5. Refining margin for the first six months, net of both the IFRS recording method for derivative transactions and inventory gains, totaled USD/bbl 4.6, compared to USD/bbl 8.4 in the first six months last year. The Mediterranean Ural Cracking Margin average, quoted by Reuters, for the first six months 2008 totaled USD/bbl 5.0. Consolidated EBITDA for the first six months 2008 totaled $149 million, compared to $223 million in the same period last year.

Consolidated Operating Profit for the first six months 2008 totaled $111 million, compared to $161 million in the first six months 2007. Operating profit from the Refining and Trade Segment totaled $85 million in the first six months 2008, compared to $135 million last year. Operating profit from the Petrochemicals Segment totaled $28 million in the first six months 2008, compared to $30 million in the comparable period last year. The Petrochemicals Segment includes the results of the Polymers Section and the Aromatics Section. The Polymers Section generated an operating profit of $8 million in the first six months 2008, compared to $14 million in the same period last year.


Must ReadView All

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search