Nizhnekamskneftekhim sees IFRS net profits fall 5% in 9M (Part 2)

MOSCOW. Jan 28 (Interfax) - Nizhnekamskneftekhim (RTS: NKNC) made 12.333 billion rubles in net profits to International Financial Reporting Standards (IFRS) in January-September 2012, 5% less year-on-year, the company reported.

Earnings before taxes, depreciation and amortization (EBITDA) decreased 4.1% year-on-year to 18.4 billion rubles due to a weakened pricing environment for several types of rubbers in Q3 2012, as well as due to increased energy tariffs on July 1. The EBITDA margin was 18.5% for the nine months, and the net profit margin was 12.4%.

Revenue, meanwhile, rose 6.3% to 99.643 billion rubles thanks to the fulfillment of Nizhnekamskneftekhim's program to modernize and expand capacities, growth in polymer products output thanks to a rise in domestic monomer and intermediates processing and optimal capacity utilization, the press release said.

In the rubbers segment, revenue was up 6.8% to 47.525 billion rubles, and in the plastics segment it jumped 12.1% to 24.868 billion rubles.

Gross profits increased 8.2% to 27.861 billion rubles, pretax profits were down 2% at 15.865 billion rubles, and cost of goods sold were up 5.5% at 71.782 billion rubles.

Long-term debts amounted to 8.291 billion rubles on September 30, down 16.5% from the start of the year. Short-term debts were almost flat at 11.56 billion rubles. Altogether, borrowings for January-September 2012 dropped 21.3% to 8.751 billion rubles. Net debt for the nine-month period plummeted 67.3% to 1.524 billion rubles, and the debt to equity ratio was down from 9% to 3%.

Nizhnekamskneftekhim's output of finished products was up 3.6% to 1.674 million tonnes, including 437,000 tonnes of rubber products (up 6.1%) and 455,000 tonnes of plastic products (up 2.1%).

This year, the company plans to launch a polystyrene production unit with a 50,000-tonne capacity.

Cf eb

(Our editorial staff can be reached at eng.editors@interfax.ru)