Türkiye Petrol Rafinerileri A.S., or Tüpras, reported a second-quarter net profit of 1.04 billion Turkish liras, down 29.3% from 1.46 billion liras posted for the same period in 2017.
Sales revenue for the quarter increased to 20.08 billion liras, up 59% from the 12.63 billion liras reported for the same period in 2017. The company attributed the rise in revenue to a 16% increase in the price of crude oil and a foreign exchange rate increase of 15%. The company also posted an operating profit of 1.07 billion liras, down 27.9% from 1.48 billion liras in the second quarter of 2017.
The company's total production declined 20.4% for the year, with the corresponding sales revenue decreasing 8.7% compared to the same period in 2017.
The company revised its expectation for the price of Brent crude oil from a range of $55 per barrel to $60/bbl to a new range of $70/bbl to $75/bbl.
Tüpras is a subsidiary of Enerji Yatirimlari A.S.
As of Aug. 9, US$1 was equivalent to 5.47 Turkish liras.