Hungarian chemicals company TVK, majority-owned by oil and gas company MOL, booked a first-quarter loss of HUF 4.3 billion as margins narrowed, TVK said in its consolidated IFRS report.
TVK’s feedstock prices continued to rise, while the prices of the olefin and polymer products it makes fell, the company said.
Revenue fell 38% to HUF 59.9 billion. Cost of raw materials and consumables dropped at a slower rate, declining 34% to HUF 57.8 billion and total operating costs were down 34% at HUF 61.2 billion to give TVK an operating loss of HUF 1.3 billion.
TVK’s bottom line was hit further by a HUF 3.5 billion financial loss.
TVK had total assets of HUF 213.1 billion on March 31, 2009, 8% less than twelve months earlier. Long-term debt fell 31% to HUF 14.4 billion. (MTI – Econews)