EQUATE Group announced its Q2-2019 unaudited earnings, reporting $231mn in EBITDA, a 59% decrease from $570mn in Q2-2018, and $822mn in revenue, a 35% decrease from $1,264mn in Q2-2018. Net income after tax stood at $126mn in Q2-2019, a 71% decrease from $427mn in the same period last year.
Commenting on the results, Dr Ramesh Ramachandran, CEO and president of EQUATE Group, said: “Our earnings have been affected by a sudden and strong decrease in ethylene glycol prices, driven by a continued uncertainty of tariffs, volatility in global markets as well as some new capacity that came on line.”
“However, EQUATE’s assets across the globe are all based on ethane feedstock, providing us with a competitive advantage. EQUATE will continue to maintain focus on safety and operational excellence as this challenging pricing environment continues.”
For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.