Seoul (Platts)--22Nov2012/431 am EST/931 GMT
South Korea's largest ethylene producer, Yeochun Naphtha Cracking Center, said Thursday its net profit dropped 40% year on year to Won 144.7 billion ($133.5 million) for the first nine months of the year, compared with Won 241.3 billion a year earlier. Operating profit also fell 39.5% year on year to Won 207.9 billion for the first nine months, from Won 343.8 billion recorded in the same period last year. But revenue rose 5.2% year on year to Won 5.90 trillion during the January-September 2012 period, compared with Won 5.61 trillion. The company did not disclose its third quarter earnings results. YNCC has a production capacity of 1.91 million mt/year of ethylene, accounting for 24.9% of South Korea's production capacity. The company is also able to produce 970,000 mt/year of propylene, 240,000 mt/year of butadiene and 780,000 mt/year of benzene. KPIC'S Q3 PROFIT PLUNGESArticle continues below...Request a free trial of: Asian PetrochemicalscanAsian Petrochemicalscan provides weekly market updates, commentary and assessments ranging from naphtha feedstocks to aromatics, olefins, and polymers in Southeast Asia, Korea, Taiwan and Japan.
South Korea's largest ethylene producer, Yeochun Naphtha Cracking Center, said Thursday its net profit dropped 40% year on year to Won 144.7 billion ($133.5 million) for the first nine months of the year, compared with Won 241.3 billion a year earlier. Operating profit also fell 39.5% year on year to Won 207.9 billion for the first nine months, from Won 343.8 billion recorded in the same period last year. But revenue rose 5.2% year on year to Won 5.90 trillion during the January-September 2012 period, compared with Won 5.61 trillion. The company did not disclose its third quarter earnings results. YNCC has a production capacity of 1.91 million mt/year of ethylene, accounting for 24.9% of South Korea's production capacity. The company is also able to produce 970,000 mt/year of propylene, 240,000 mt/year of butadiene and 780,000 mt/year of benzene. KPIC'S Q3 PROFIT PLUNGES
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Asian Petrochemicalscan provides weekly market updates, commentary and assessments ranging from naphtha feedstocks to aromatics, olefins, and polymers in Southeast Asia, Korea, Taiwan and Japan.
Meanwhile, fellow petrochemical maker, Korea Petrochemical Industry Company, posted a slump in its third quarter net profit of 97.1% year on year to Won 339 million, from Won 11.7 billion a year earlier. KPIC's third quarter operating profit fell 85.9% year on year to Won 3.5 billion, compared with Won 24.9 billion a year earlier. Revenue for the third quarter was Won 527.3 billion, down 11.1% from Won 592.9 billion in the year-ago period. KPIC is South Korea's largest producer of HDPE with a capacity of 530,000 mt/year, accounting for 24% of the country's total production capacity. The company also has the capacity to produce 470,000 mt/year of ethylene and 350,000 mt/year of polypropylene. --Charles Lee, newsdesk@platts.com --Edited by Haripriya Banerjee, haripriya_banerjee@platts.com
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