16 August 2010 14:06 [Source: ICIS news]
LONDON (ICIS)--LyondellBasell swung to a second-quarter net income of $8.84bn (€6.89bn), compared with a loss of $353m in the same period last year following its exit from US Chapter 11 bankruptcy protection, the company said on Monday.
Sales and other operating revenues for the second quarter rose by 40% year on year to $10.5bn amid continued strong ethylene margins in the US, LyondellBasell said.
Excluding a net $8.64bn after-tax gain on the discharge of liabilities subject to compromise related to its emergence from US Chapter 11 bankruptcy protection, LyondellBasell said it recorded a second-quarter net income of $203m.
“We emerged from Chapter 11 as a much stronger company,” said LyondellBasell CEO Jim Gallogly.
“Our significantly improved capital and cost structures, coupled with our industry-defining technologies and new management team, position us as a formidable competitor for the future,” he added.
Gallogly said that strong ?xml:namespace>
The CEO added that the company’s strong performance in its intermediates and derivatives segment continued through the second quarter.
“Industry refining spreads remained close to where they finished the first quarter, and oxyfuel margins and volumes experienced their normal seasonal uptick,” he said.
Looking ahead, the company said that the
“We took advantage of supply-driven market tightness in several of our businesses during the first half of the year,” said Gallogly.
“The rates at which the world economy recovers and new capacity comes online in the Middle East and
($1 = €0.78)
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