From $552.2 million in Q1 2019, net revenues of Indonesia's Chandra Asri Petrochemical (TPIA) declined 13.7 percent to $476.8 million in Q1 2020. The decline was a result of lower average sales product prices particularly for Olefins and Polyolefins with relatively stable sales volume.
Director of Chandra Asri Petrochemical said the company’s Q1 2020 performance was largely shaped by the challenging macro environment, tight petrochemical margins, and softening demand, especially in the China domestic market due to the Covid- 19 pandemic.
Chandra Asri recorded Q1 2020 Revenues of $477 million, EBITDA of -$13.5 million, and a Net Loss of $17 million. From $490.3 million in Q1 2019, Chandra Asri’s cost of revenues remains stable at $493.4 million largely due to higher feedstock volume as a result of increased production capacity and offset by decreased in Naphtha price to an average of $521/MT from $533/MT in Q1 2019.
As a result of declining revenue in this quarter, Chandra Asri suffered a net loss of $17.5 million compared to the net profit in the same period last year amounting to $17.6 million.
