Kuwait’s EQUATE reports lower results for Q1 2019

Petrotahlil:Kuwait’s EQUATE Group announced its unaudited earnings for the first quarter of 2019 with significant decreases from a year earlier as the uncertainty of tariffs and volatility in global markets weighed on buying sentiment.

The company reported an EBITDA of $294 million, which showed a significant decrease of 49% from $577 million reported in the same period of 2018. Revenue declined by 28% year-on-year to $889 million while net income after tax plunged by 57% from the first quarter of last year to $183 million.

EQUATE also stated that the construction of its new 750,000 tons/year MEG plant along the US Gulf Coast remains on track to start up before the end of this year.

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