Brazilian petrochem firm Quattor's Q2 net profit hit by PP production decline

13-Aug-08

Quattor, Brazil's petrochemical firm announced 39.8% YOY decline in Q2 net profits amounting to US$26.5 mln. The company's Q2 net revenues reached US$314.8 mln out of which domestic sales amounted to US$281.5 mln (4.6% increase YOY) and exports amounted to US$33.3 mln (down 32.4% YOY). Quattor, which also has stakes in Rio Polímeros and Petroquímica União, produced 113,000 tons of PP in Q2, a decline of 30.8% from Q2 of previous year owing to a temporary shutdown of the Duque de Caxias plant. The PP production capacity at the same plant is set to increase by 100,000 tpa to reach 450,000 tpa by the end of the Q3. However, Q2 EBITDA increased by 4% to reach US$46.7 mln and the EBITDA margin increased to 14.9% from 14.1% a year ago.