The PVC market leader made a Ј3.9m profit, compared with a Ј5.9m loss for the first quarter in 2003

The PVC market leader made a Ј3.9m profit, compared with a Ј5.9m loss for the first quarter in 2003

Higher raw material costs took the shine off EVC’s improved volumes and prices in the first quarter, the company reported today. The PVC market leader did show a return to the black at the operating profit level, however, with a figure of Ј3.9m (E5.9m) – compared with a Ј5.9m (E8.9m) loss for the same period last year.

Further attacks on fixed costs, good plant reliability and a balanced market all contributed to the pick up, according to chief executive Calum MacLean.

Meanwhile, strong Asian demand for the polymer is supporting upward price moves for PVC in Europe. In the first quarter, EVC said, PVC prices were up by 5% on the fourth quarter of last year and 6.6% on the same period of 2003. But feedstocks continue to erode this advantage with ethylene up by 13% in the first quarter of 2004 alone, chief financial officer John Hudson disclosed.