Oxea Sarl Q1 net profit soars to €30m on improved margins, sales

17 May 2011 11:33  [Source: ICIS news]

LONDON (ICIS)--Oxea Sarl posted a first-quarter net profit of €30.0m ($42.9m), up from €13.0m in the same period last year, on improved margins and higher sale volumes, the global oxo chemicals company said on Tuesday.

Sales for the three months ending on 31 March 2011 increased 30% year on year to €377m, driven by a 5% increase in total volumes, improved product mix and the pass through of higher raw material costs to customers, Oxea Sarl added.

“Continued recovery in the US and European regions coupled with strong demand from Asia again contributed to another set of excellent results,” the company said.

Oxea Sarl said the volume increase was particularly strong in its oxo derivatives segment, in which volumes were almost 11% higher than in the same period in 2010.

Volumes in the group’s intermediates segment were around 3% higher than in the same quarter last year, it added.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the first quarter were €65.7m, up 79% compared with the same period in 2010, on improved volumes and operating margins.

Oxea’s product range includes oxo derivatives and intermediates such as alcohols, polyols, carboxylic acids, specialty esters and amines.

($1 = €0.70)

By: Franco Capaldo
+44 (0)20 8652 3214

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