Top line: flat QoQ, YoY 27% drop.
Gross margin deteriorated significantly. 10% swing is very serious and volatile compared to last two quarters. The silver lining is, they did much better compard to the same quarter last year.
The main reasons, the company said it was due to poor demand and more competition(more refinery capacity is coming on stream). You can see that they are producing less and selling less, 10% lower.
PBT - breakeven.
Inventory increased by almost $ 399 million, comparing Dec 31, 08to Sept 30 '09. Pray hard it will worth a lot more if the crude oil price goes up further, on the flip side turning south could be bloody(click on the chart below).
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