South Korea's largest ethylene producer, Yeochun Naphtha Cracking Center, said Thursday its net profit dropped 40% year on year to Won 144.7 billion ($133.5 million) for the first nine months of the year, compared with Won 241.3 billion a year earlier.
Operating profit also fell 39.5% year on year to Won 207.9 billion for the first nine months, from Won 343.8 billion recorded in the same period last year. But revenue rose 5.2% year on year to Won 5.90 trillion during the January-September 2012 period, compared with Won 5.61 trillion.
The company did not disclose its third quarter earnings results.
YNCC has a production capacity of 1.91 million mt/year of ethylene, accounting for 24.9% of South Korea's production capacity. The company is also able to produce 970,000 mt/year of propylene, 240,000 mt/year of butadiene and 780,000 mt/year of benzene. KPIC'S Q3 PROFIT PLUNGES
Meanwhile, fellow petrochemical maker, Korea Petrochemical Industry Company, posted a slump in its third quarter net profit of 97.1% year on year to Won 339 million, from Won 11.7 billion a year earlier.
KPIC's third quarter operating profit fell 85.9% year on year to Won 3.5 billion, compared with Won 24.9 billion a year earlier. Revenue for the third quarter was Won 527.3 billion, down 11.1% from Won 592.9 billion in the year-ago period.
KPIC is South Korea's largest producer of HDPE with a capacity of 530,000 mt/year, accounting for 24% of the country's total production capacity. The company also has the capacity to produce 470,000 mt/year of ethylene and 350,000 mt/year of polypropylene.
