LyondellBasell swings to $874m Q4 net profit as sales rise 20%

18 February 2011 14:07  [Source: ICIS news]

LyondellBasell Houston RefineryTORONTO (ICIS)--LyondellBasell reported 2010 fourth-quarter net income of $874m (€647m) compared with a loss of $850m in the 2009 fourth quarter, as sales rose 20% to $10.6bn, the international chemicals major said on Friday.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for the three months ended 31 December rose 45% to $762m, excluding the reversal of an inventory charge, it said.

LyondellBasell said improved worldwide demand and industry supply disruptions contributed to the improved results.

However, results were impacted by seasonally lower volumes and margins in LyondellBasell’s oxyfuels and polyolefins businesses, rising olefins feedstock costs in Europe, and one-time events, it added.

The company, which exited US bankruptcy protection in April 2010, said over the full year business conditions and results improved for most of its portfolio, especially in the olefins and polyolefins and propylene oxide businesses, it said.

CEO Jim Gallogly said: "2010 was a great beginning for the 'New LyondellBasell'."

“We demonstrated the strength of our assets and business position and that the uncertainties of the past years are behind us,” he added.

“Although early in this phase of economic and industry recovery, the earnings and cash generation capabilities of the company are now quite evident," Gallogly said.

($1 = €0.74)

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By: Stefan Baumgarten
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