(MENAFN) Industries Qatar said its second-quarter profit increased 20 percent, beating analyst forecasts, although its half-year profit fell because of declining petrochemicals prices.
The petrochemicals, steel and fertilizer producer made a profit of USD412 million in the three months to June 30, up from USD342.77 billion a year ago, according to Reuters calculations.
Analysts polled by Reuters had on average forecast Industries Qatar would make a quarterly net profit of USD331.8 billion. The company's quarterly revenue rose 20 percent to USD438.75 million.
Oil and petrochemicals prices are closely correlated and Gulf producers benefit from subsidized feedstock costs. This advantage over rival manufacturers not receiving subsidies lessens as oil prices decline.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.