Iran Economy NewsTupras Q2 net misses forecast, no Iran sales

Tupras Q2 net misses forecast, no Iran sales

-

Reuters: Tupras, Europe’s fourth-biggest oil refiner, on Friday posted a 40 percent drop in its second-quarter net profit, pulled lower by a weaker lira.

ISTANBUL, Aug 20 (Reuters) – Tupras, Europe’s fourth-biggest oil refiner, on Friday posted a 40 percent drop in its second-quarter net profit, pulled lower by a weaker lira.

The company also said it was not selling fuel products to Iran at present, in light of U.S. and EU sanctions designed to put pressure on Iran over its nuclear programme.

Net income was 222 million lira ($147 million), compared with an estimate of 281 million lira in a Reuters poll of eight analysts. It earned 371 million lira in the same period of 2009.

Sales in the second quarter were 6.63 billion lira, above a forecast of 6.5 billion lira and the 4.58 billion lira it posted in the year-ago period, according to an income statement.

The lira fell against the dollar during the second quarter, so Tupras paid more in dollars for its purchases of crude, while its sales are in lira.

EBITDA, or earnings before interest, taxes, depreciation and amortisation, rose 13 percent to 594 million lira in the first six months of the year, the statement showed.

Tupras had a net refining margin of $5.68 per barrel at the end of June, it said. Its profit margin was 4.1 percent higher in the first half.

TRADE WITH IRAN

Tupras, Turkey’s sole refiner, purchases about a third of its crude from neighbouring Iran. In June, Turkey provided about half of Iran’s gasoline needs, but sales last month dropped 73 percent to $25.6 million, equivalent to about one cargo, as sanctions against Iran took effect.

Companies doing business with Iran could see their assets exposed in the United States, which instituted the sanctions over Iran’s nuclear programme.

“In the current situation, sales of petroleum products to Iran are not being made. Therefore, there is no possibility that our company will face any kind of sanctions,” Tupras said.

Energy Minister Taner Yildiz said last week he would support Turkish energy companies doing business with Iran. Officials on Friday said the U.S. embargo did not apply to Turkey and it was bound only to U.N. sanctions.

Tupras shares fell 0.74 percent to 33.50 lira, in line with the benchmark index’s decline.

Koc Holding, Turkey’s biggest company, owns 51 percent of Tupras, which operates four refineries in Turkey, with total capacity of 28.1 million tonnes. (Reporting by Ayla Jean Yackley; Editing by Will Waterman) ($1=1.510 Turkish Lira)

Latest news

Frustration of Iran’s Middle Class

These days, the middle class of Iran still maintains its cultural conditions, but economically it has collapsed into the...

Hamid Noury Contradicts His Own Testimony During His Trial

The fifth day of former Iranian prison official Hamid Noury’s own testimony at his trial in Sweden took place...

Iran: Militarization of the Country’s Education

After months of contention about the position of the minister of education, the Iranian regime’s president Ebrahim Raisi finally...

As Thousands of Iranian Prisoners Were Executed in the 1988 Massacre, the World Remained Silent

With the trial of former Iranian prison official Hamid Noury still ongoing in Sweden, proceedings were briefly expedited to...

Even a Revived JCPOA Will Not Save Iran’s Government

Since the beginning of the Iranian regime’s nuclear crisis, which was revealed by the Iranian opposition group, the MEK,...

Iran’s 1988 Massacre Will Never Be Erased From History

As the trial of former Iranian prison official Hamid Noury races forward in Sweden, supporters of the Iranian Resistance...

Must read

Pictures of Iran officials charged in 1994 Argentina bombing

Iran Focus: London, Oct. 26 - The following are...

Russia reiterates twin-track approach to Iran

Reuters: Russia reiterated on Friday its support for a...

You might also likeRELATED
Recommended to you