Mexico’s Grupo Kuo chem subsidiary posts 33% rise in Q3 EBITDA

20 October 2010 00:35  [Source: ICIS news]

MEXICO CITY (ICIS)--The chemical subsidiary of Mexican conglomerate Grupo Kuo reported on Tuesday Mexican pesos (Ps) 256m ($21m, €15m) in third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA), a 33% year-over-year increase.

The subsidiary, Kuo Quimico, contributed 48% of the conglomerate's total third-quarter sales, with Ps2.77bn, a 29% increase from same quarter of 2009.

The rise in overall sales for the chemical division came as a result of a 15% hike in average sales prices with its strategic business units (SBUs), as well as a 12% increase in sales volumes, mostly at its elastomers and plastics SBUs.

The company credited the financial gains on improved domestic and foreign demand for rubber and tyres.

The third-quarter net profits for Grupo Kuo as a whole were Ps22m, roughly the same as the third quarter of 2009.

In addition, total sales for Grupo Kuo in the third quarter were Ps5.74bn, up 10% year over year, which the company attributed to higher performance in its chemical and consumer goods divisions.

($1 = Ps12.36)
($1 = €0.71)

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By: James Young
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