22 January 2004 15:19 [Source: ICIS news]
HOUSTON (CNI)--Sunoco said Thursday 2003 profits at its chemicals unit surged more than 89% to $53m (Euro42.1m) compared with 2002 on increased margins.
John Drosdick, Sunoco chairman and chief executive, added that the company's chemicals business earned $26m in the fourth quarter, up $17m in the prior-year period.
Said Drosdick: "Results for the full year 2003 were much improved. We expected increased contributions from these businesses. We consider this portfolio diversity to be a significant strength of the company."
Over all, Sunoco reported 2003 net income of $312m or $4.03/share versus a net loss of $47m or 62 cent/share in the prior year.
The company also announced a 2004 capital spending plan of $750m excluding acquisition outlays, up from $425m in 2003.
Headquartered in Philadelphia, Pennsylvania, Sunoco is a leading manufacturer and marketer of petroleum and petrochemical products.
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