Kuwait Petchem's EPS Clocks 7.60 Fils

(MENAFN- Arab Times) Qurain Petrochemical Industries Company (QPIC) announced today its financial results for the half year ended Sept 30, 2013. The company posted solid profits of KD 8.08 million compared to KD 0.18 million during the same period last year, reflecting an increase of KD 7.90 million. Earnings per share (EPS) for the half year stood at 7.60fils compared to 0.17 fils per share for the same period last year. QPIC's Chairman, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah said, "Total assets stood at KD 295.18 million as of September 30th 2013 compared to KD 299.03 million on the 31st March 2013, which represents a decrease of 1% or KD 3.85 million. Investments in associate companies have jumped by 17% or KD 8.52 million during the same period, which is attributed to the increase in share of profits from Kuwait Aromatics (KARO). He further added, "We expect EQUATE Petrochemical Company&The Kuwait Olefins Company (TKOC) to maintain the same levels of performance and profitability witnessed in the past years, and for the other investments to achieve enhanced results. QPIC is also actively seeking new local and regional investments opportunities, in collaboration with world leading investment banks and consultants." Moreover, QPIC's Vice Chairman and Chief Executive Officer, Sadoun Ali said, "Kuwait Aromatics Company (KARO) was the main driver in exceeding our expectations during the quarter, resulting in achieving a higher share of income due to favorable market conditions". With regards to the Aromatics project (KPPC), Ali added: "Despite the improved performanceduringthe quarterdue topositive market performance, profits are expected to diminish for the remainder of the yeardue to the expected reversal in market trends. QPIC is exploring ways to improve the performance of the Paraxylene Project to align it with similar projects around the world. This is being done in coordination with KARO's management and our project partners, Petrochemical Industries Company and Kuwait National Petroleum Company (KPC),which resulted in marginalimprovementson the project's returns that are not continuous in nature. However, QPIC is awaiting KPC's effective intervention to resolve pending issues to prevent the project from faltering."