22 November 2010 09:55 [Source: ICIS news]
LONDON (ICIS)--Oxea Sarl posted a third-quarter net profit of €50.4m ($69m), up sharply from the €5.0m net profit in the same period last year, as a result of the recovery in the US and Europe and strong demand from Asia, the oxo-chemicals company said on Monday.
Sales volumes for the quarter were much stronger year on year, and higher raw material prices were passed on in product prices, Oxea Sarl said.
The company reported a 52% year-on-year increase in sales at €367.2m. Oxo-derivatives volumes were up 29% and overall sales volumes were up 14%.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter were up 60% from the 2009 third quarter at €46.5m, it said.
Oxea said that after recent refinancing, its net debt is around 2.9 times EBITDA. Its EBITDA margin for the quarter was 12.7%.
Oxea’s product range includes oxo derivatives and intermediates such as alcohols, polyols, carboxylic acids, specialty esters and amines.
($1 = €0.73)
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