Westlake's Q2 net profit rises to $57m on olefins margins

03 August 2010 12:02  [Source: ICIS news]

LONDON (ICIS news)--Westlake Chemical’s second-quarter net profit rose to $56.9m (€43.2m) from a comparable $16.9m in the same period of 2009 on stronger olefins margins, said the US olefins, polyethylene (PE) and vinyls producer on Tuesday.

Second-quarter 2010 sales were up 42.4% at $818.4m, mainly on higher prices for most of its products, Westlake said.

It added that stronger integrated olefins margins helped to lift its operating profit to $99.5m, from $36.2m. They were partially offset by lower polyvinyl chloride (PVC) resin and pipe margins.

“The Olefins segment benefited from strong domestic and export demand for polyethylene and lower feedstock costs,” said CEO Albert Chao. “Our natural gas-based production of ethylene continues to have a cost advantage over naphtha-based ethylene.”

($1 = €0.76)

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By: Nigel Davis
+44 20 8652 3214



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