Equate Group, a global producer of petrochemicals and the world's second largest producer of ethylene glycol, has achieved $406 million in net profit in Q3 2018, showing an increase of 22 per cent over same period in 2017. Revenue for the quarter was $1.2 billion, up 11 per cent compared to the same quarter in 2017. EBITDA for the quarter was $547 million.
Year to date in 2018, the Group realised a record breaking EBITDA of $1.7 billion, an increase of 26 per cent and year to date net income was $1.3 billion, an increase of 44 per cent, compared to the same period in 2017.
"Equate's higher earnings in the third quarter of 2018 were a testament to the hard work and continued discipline and dedication of Equate employees," said president & CEO of Equate, Dr. Ramesh Ramachandran. "We were able to capitalise on a good pricing environment in ethylene glycol (EG), polyethylene (PE) and polyethylene terephthalate (PET) with highly reliable operations. Safety remains our number one priority in all that we do and we recently achieved over 62 million safe work hours. This has been an outstanding quarter." (PC)
Fibre2Fashion News Desk – India