Türkiye Petrol Rafinerileri A.S. Reports Consolidated Financial and Operating Results for the Second Quarter and First Half Ended June 30, 2018
August 10, 2018 at 05:00 am EDT
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Türkiye Petrol Rafinerileri A.S. reported consolidated financial and operating results for the second quarter and first half ended June 30, 2018. For the quarter, the company reported revenue was TRY 20.080 billion compared to TRY 12.630 billion a year ago. Operating profit was TRY 1.066 billion compared to TRY 1.477 billion a year ago. Operating profit before financial income was TRY 1.152 billion compared to TRY 1.526 billion a year ago. Net profit from continued operations was TRY 1.035 billion compared to TRY 1.463 billion a year ago. Earnings per share from continued operations were TRY 4.10 compared to TRY 5.82 a year ago. In second quarter of this year, company's revenue increased significantly by 59% to TRY 20 billion. On average, 50% increase in Brent price and 22% increase in dollar to TL led to higher product prices.
For the six months, the company reported revenue was TRY 33.502 billion compared to TRY 25.003 billion a year ago. Operating profit was TRY 1.756 billion compared to TRY 2.789 billion a year ago. Operating profit before financial income was TRY 1.894 billion compared to TRY 2.896 billion a year ago. Net profit from continued operations was TRY 1.422 billion compared to TRY 2.339 billion a year ago. Earnings per share from continued operations were TRY 5.61 compared to TRY 9.29 a year ago. Cash flows from operating activities were TRY 2.023 billion compared to TRY 2.107 billion a year ago. Cash outflows from the purchase of property, plant and equipment and intangible assets were TRY 0.428 billion compared to TRY 0.379 billion a year ago.
For the quarter, the company reported total production of 6,210,000 Tons compared to 7,798,000 Tons a year ago.
For the first half, the company reported total production of 11,391,000 Tons compared to 14,877,000 Tons a year ago.
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.