Mubasher: The net profit of EQUATE Group, after calculating tax, retreated by 65% year-on-year to $143 million during the third quarter of 2019 when compared to $406 million in the corresponding quarter in 2018, the unaudited financials revealed.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) plunged by 52% to $264 million during Q3-19 from $547 million in Q3-18, according to a press release on Tuesday.
The global petrochemicals producer’ revenues decreased to $811 million in Q3-19 from $1.247 billion, posting a 35% year-on-year drop.
Meanwhile, EQUATE Group’s CEO and President, Ramesh Ramachandran, said, “We continue to see a steady demand in the market but are experiencing compressed margins due to uncertainty related to tariffs notably in Asia. EQUATE’s lowest cost position at all of its assets across the globe allows us to continue to run at maximum rates.”
He added, “We are very pleased to announce the startup of the MEGlobal Oyster Creek, TX site in October 2019, ahead of schedule and in line with budgets, once again demonstrating EQUATE’s operational excellence and ability to deliver on its commitments to customers and shareholders.”
