EQUATE reports $406mn net profit in Q3-2018 results, reflects 22% improvement from same period in 2017

EQUATE reports $406mn net profit in Q3-2018 results, reflects 22% improvement from same period in 2017
Published: 4 November 2018 - 11 p.m.
By: Martin Menachery

EQUATE Group reported its Q3-2018 earnings. For the third quarter of 2018, EQUATE Group achieved $406mn in net profit, reflecting an increase of 22% from the same period in 2017. Revenue for the quarter was $1.2bn, up 11% compared to 2017. EBITDA for the third quarter was $547mn, an increase of 12% compared to the same period in 2017.

“EQUATE’s higher earnings in the third quarter of 2018 were a testament to the hard work and continued discipline and dedication of EQUATERs,” said president and CEO of EQUATE Dr Ramesh Ramachandran.

“We were able to capitalise on a good pricing environment in ethylene glycol (EG), polyethylene (PE) and polyethylene terephthalate (PET) with highly reliable operations.Safety remains our number one priority in all that we do and we recently achieved over 62 million safe work hours. This has been an outstanding quarter.”

Year to date in 2018, the group realised a record breaking EBITDA of $1.7bn, an increase of 26%, compared to the same period in 2017. Year to date net income was $1.3bn, an increase of 44% over the same period in 2017.

For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.


Click here to add your comment

Please add your comment below
Name
Country
Email
Your email address will not be published
Captcha