Türkiye Petrol Rafinerileri A.S. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
May 10, 2018 at 03:21 am EDT
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Türkiye Petrol Rafinerileri A.S. announced unaudited consolidated earnings and production results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of TRY 13,421,408,000 compared to TRY 121,369,639,000 a year ago. Operating profit was TRY 690,188,000 compared to TRY 1,312,069,000 a year ago. Operating profit before financial income was TRY 742,391,000 compared to TRY 1,370,120,000 a year ago. Profit before tax from continued operations was TRY 471,810,000 compared to TRY 1,051,729,000 a year ago. Net profit from continued operations was TRY 386,781,000 compared to TRY 875,759,000 a year ago. Earnings per share from continued operations were TRY 1.51 compared to TRY 3.47 a year ago. Distribution of income for the period attributable to equity holders of the parent was TRY 378,436,000 against TRY 868,824,000 a year ago. Cash used in operating activities was TRY 618,947,000 compared to cash generated from operating activities of TRY 872,904,000 a year ago. Cash outflows from the purchase of property plant and equipment and intangible assets was TRY 243,380,000 compared to TRY 176,102,000 a year ago. Sales increased by 8% against last year, mainly due to increasing product prices driven by 24% increase in crude oil price and 3% increase in USD/TL forex rate. Operating profit has declined by 47% and profit before tax has declined by 55% against last year due to narrowing heavy-light crude oil price differences, deterioration in overall crack margin and planned maintenances.
Turkiye Petrol Rafinerileri AS is a Turkey-based company that is engaged, together with its subsidiaries, in the refining of crude oil and petroleum products. Its refineries produce a full range of refined petroleum products, including diesel, fuel oils, jet fuel, gasoline and asphalt. The Group also imports and sells petroleum products and engages in the distribution, retailing and marine transportation of crude oil and refined products. It is mainly engaged in the following fields: to provide and refine crude oil, to import and export petroleum products, and to establish and operate domestic and foreign refineries for this purpose; to establish and operate factories and facilities in petrochemical and other related industries; to establish and operate facilities and plants related with energy and energy related industries, as well as to purchase, sell, import, export, store, market and distribute petroleum products, Liquefied Petroleum Gas (LPG) and natural gas, among others.