Koç Holding’s Tüpras recorded a net profit of TRY213 million in 4Q14, an 87% rise compared to TRY114 million posted in the same period a year earlier. The Turkish company’s performance was helped by higher refining margins.
“In the fourth quarter, increased maintenance globally, unplanned refinery outages and slowing supply, along with quickly falling crude oil prices, saw Mediterranean refining margins widen,” the company noted in a statement.
Full year profit stood at TRY1.46 billion, a 22% y/y increase, while sales declined 3% to TRY39.7 billion.
Tüpras expects production output to reach 27.5 million t in 2015 (95% of capacity usage) once its US$2.7 billion residuum upgrade project (RUP) is fully commissioned this month. Output totalled 21 million t last year. The company will invest another US$60 million to complete the RUP, which forms part of a total investment plan worth US$220 million.
Edited from various sources by Rosalie Starling
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