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)

Click here to find out more on the US, Asia and Europe margin reports
To discuss issues facing the chemical industry go to ICIS connect

By: Nigel Davis
+44 20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index