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PSF demand depresses PPTA Q1 sales volume

10 May '06
2 min read

Pure Terephthalic Acid supplier Pakistan PTA Limited (PPTA) declares results for the first quarter ended 31 March 2006.

Sales volume during the quarter was 5 percent lower compared with same quarter last year due to disheartened demand in the local Polyester Staple Fibre (PSF) market. Production volume was also 6 percent lower compared with the same quarter last year due an unplanned plant outage in January, 2006.

During the quarter PTA producers were unable to pass on their high feedstock costs due to a slowdown in the downstream polyester sector and hence PTA margin over Paraxylene (Px) was 29 percent lower compared with the same quarter last year. As result, gross profit for the quarter was 69 percent lower than the corresponding period last year.

Distribution and selling expenses increased due to higher level of exports compared with the same quarter last year, while adminstration expenses remained tightly controlled.

Other operating income was higher than the corresponding quarter last year mainly due to a gain of Rs 47 million on the purchase and sale of a Px swap consignment. Other operating expenses were lower mainly due to lower provisions for workers' profit participation fund and workers' welfare fund.

Financial charges were higher compared with same quarter last year mainly due to an overall increase in interest rates and higher utilisation of running finance facilities. After accounting for taxation charge, the Company incurred a loss after tax of Rs 63 million compared with the profit after tax of Rs 491 million for the corresponding period last year.

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