Mubasher: Global producer of petrochemicals EQUATE Group has reported a 49% year-on-year profit decline during the first quarter of 2019.
The group’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached $294 million in Q1-19, according to Kuwait Times.
“While downstream demand growth has remained stable, uncertainty of tariffs and volatility in global markets has unsettled our customers. The rapid rise in inventory ahead of the Chinese New Year has taken longer than expected to work out,” CEO and President of the EQUATE Ramesh Ramachandran said.
EQUATE’s revenue went down 28% to $889 million in the first three months of 2019, compared to $1.241 billion last year.
Net income after tax registered $183 million in Q1-19, 5% down from $435 million in the year-ago period.
“Our focus at EQUATE will remain on being the safe, reliable and low-cost producer to ride out this phase of market uncertainty. The construction of US Gulf Coast plant remains on track to go on line before the end of 2019,” Ramachandran commented.
The EQUATE Group is a global producer of petrochemicals owns and operates industrial complexes in Kuwait, North America, and Europe.
