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TVK reports 71% profit hike

Petrochemical producer TVK Rt posted Ft 9.02 billion in 2004 consolidated after-tax profit, a 71% rise on the previous year. Meanwhile, sales revenue increased by 17%, totaling Ft 175.94 billion. Q4 accounted for Ft 47.83 of sales and Ft 2.32 of net income, up 20% and 12% on 2003, respectively. The share of exports within the sales total averaged 45% in 2004 after a 1% decline from the previous year. The company had Ft 12.21 billion operating profit, including Ft 3.9 billion in Q4. Higher earnings in 2004 were due to TVK's increased production capacities, cost saving efforts and demand driven by industrial growth.