Jakarta - PT Chandra Asri Petrochemical Tbk (TPIA) recorded a loss for the year attributable to owners in the first quarter of 2022 of US$11.235 million, compared to the same period last year, which posted a profit of US$84.382 million.

“Our performance during the first quarter of this year was largely influenced by the Russia-Ukraine war. Geopolitical tensions have caused crude oil prices to soar to more than US$100 per barrel, which is 25% higher quarter on quarter compared to the fourth quarter of 2021 and 66% higher than the first quarter of 2021," said TPIA Director Suryandi in a press release on Thursday (4/28).

In addition, he said that there was weak demand in China due to the COVID-19 lockdown, which had tightened petrochemical spreads, especially for polyolefins.

Cost of goods also jumped by about 45% to US$652.7 million from US$450 million, largely driven by higher average raw material prices, with naphtha at US$856 per ton compare