Bloomberg News

Tupras of Turkey 2011 Sales Volume Rose 6.7%, Output Up 8.4%

February 14, 2012

(Updates margin, fourth quarter details from third paragraph, share price in last.)

Feb. 14 (Bloomberg) -- Tupras Turkiye Petrol Rafinerileri AS, Turkey’s sole refiner owned by Koc Holding AS, raised sales volume 6.7 percent to 23.9 million metric tons in 2011 over the previous year.

The company’s exports of petroleum products increased 7.4 percent to 5.2 million tons while production rose 8.4 percent to 20.1 million tons, it said in an e-mailed statement today. Tupras’s capacity utilization rate was 74.4 percent last year, climbing 4.8 percentage points from 2010, as it refined 20.9 million tons of crude oil, it said.

The company, which operates four refineries in Turkey, raised its refining margin, or profit from turning crude into fuel, to $5.29 a barrel in 2011 from $4.51 a barrel a year ago, it said. The margin for the fourth quarter fell to $4.42 a barrel from $5.82 a barrel in the same period a year earlier, according to the statement.

Production volume dropped 6.7 percent in the last quarter of 2011 to 4.8 million tons, Tupras said. Sales volume also decreased 5.5 percent to 5.8 million tons and exports retreated 22 percent to 1.2 million tons.

Tupras’s earnings before interest, tax, depreciation and amortization, or Ebitda, were 2.1 billion liras ($1.2 billion) in 2011, according to the preliminary earnings filed for tax purposes, the statement said.

Tupras shares fell 0.2 percent to 46.9 liras at 11:05 a.m. in Istanbul.

--Editor: Aydan Eksin

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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