23 October 2003 17:49 [Source: ICIS news]
HOUSTON (CNI)--Sunoco said Thursday 2003 third quarter profits at its chemicals unit more than doubled to $21m (Euro17.8m) on increased margins.
John Drosdick, Sunoco chairman and chief executive, said the company is encouraged by the improved results in its chemicals business, which earned $10m in the 2002 third quarter.
He added: "For Sunoco chemicals, margins and results have increased substantially over the past two quarters. With continued global economic growth, our chemicals business should continue to increase its contribution to the company's earnings in the future."
Margins for both phenol and polypropylene (PP) products were improved for the quarter, Sunoco said, adding that results included a $4m after-tax income contribution from a supply agreement with Equistar.
Offsetting that, said Sunoco, were lower earnings from Belvieu Environmental Fuels (BEF), Sunoco's joint venture methyl tertiary butyl ether (MTBE) interest. The company took a $15m after-tax charge to write down its 33% interest in a MTBE production facility in Mont Belvieu, Texas.
Overall, Sunoco reported 2003 third quarter net income of $109m or $1.40/share versus a loss of $10m or 13 cent/share for the 2002 third quarter.
Sunoco, headquartered in Philadelphia, Pennsylvania, is a leading manufacturer and marketer of petroleum and petrochemical products.
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