EQUATE Group Reports Third Quarter Business Results
Global petrochemicals maker Ecuite Group today reported its Q3 2019 unaudited revenue, reporting $264 million in EBITDA, a 52% decrease from $547 million in Q3 2018, and $811 million in revenue, a 35% decrease from $1,247 million in Q3. Post-tax net income was at $143 million in Q3 2019, a 65% decrease from $406 million in the same period last year.
Commenting on the results, Dr. Ramesh Ramachandran, CEO and President of the EQUATE Group, said: We continue to see steady demand in the market, but especially in Asia, where we are experiencing compressed margins due to uncertainty related to tariffs notably. EQUATE's lowest price position on all of its assets around the world allows us to continue to run at the highest rates.
He added: We are delighted to announce the launch of the ME Global Oyster Creek, TX site in October 2019 in accordance with schedule and in line with budget, once again demonstrating EQUATE's operational excellence and ability to deliver on its customers and Shareholders."
Disclaimer
This earnings announcement (the Announcement) is for information only. The announcement is based on unaudited financial information of EQUATE Petrochemical Co. K.S.C.C. and The Kuwait Olefins Co. K.S.C.C. (together with their consolidated subsidiaries, the EQUATE Group) which is subject to change without notice and the accuracy thereof is not guaranteed. The information in the Announcement does not intend to contain all material information concerning the financial status of the EQUATE Group. We do not make any representation regarding, and assume no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the Announcement.
