The Equate Group, a global producer of petrochemicals, announced its Q3 2019 unaudited earnings, reporting $264 million in EBITDA, a 52 per cent decrease from $547 million in Q3 2018, and $811 million in revenue, a 35 per cent decrease from $1.247 billion in Q3 2018.
Net income after tax stood at $143 million in Q3 2019, a 65 per cent decrease from $406 million in the same period last year, said a statement from the company.
Dr Ramesh Ramachandran, CEO and president of the Equate Group, said: “We continue to see steady demand in the market but are experiencing compressed margins due to uncertainty related to tariffs notably in Asia.
“Equate’s lowest cost position at all of its assets across the globe allows us to continue to run at maximum rates,” he said.
“We are very pleased to announce the startup of the MEGlobal Oyster Creek, TX site in October, 2019, ahead of schedule and in line with budgets, once again demonstrating our operational excellence and ability to deliver on its commitments to customers and shareholders,” he added. – TradeArabia News Service
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