Narrowing margin puts TVK in red
A narrowing margin caused by higher feedstock and energy prices, as well as the effect of the firmer forint on revenue, put Hungarian chemicals company TVK in the red with a net loss of Ft 4.6 billion in Q2.
TVK's Q2 revenue was flat at Ft 84.0 billion, but raw materials and consumables rose 15% to Ft 81.1 billion. TVK had operating losses of Ft 6.4 billion, compared to operating profit of Ft 8.6 billion in the same period a year earlier. TVK's pre-tax loss came to Ft 5.4 billion.
TVK had a first-half net loss of Ft 2.8 billion. First-half revenue rose 12% to Ft 180.9 billion from the same period a year earlier. Cost of raw materials and consumables climbed 28% to Ft 168.5 billion.
TVK had total assets of Ft 219.7 billion on June 30, 2008, down 3% from twelve months earlier. Net assets fell 2% to Ft 145.9 billion.
Hungarian oil and gas company MOL held a direct and indirect stake of 94.9% in TVK at the end of the period. (MTI – Econews)
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