29 July 2011 13:23 [Source: ICIS news]
LONDON (ICIS)--Profits at Netherlands-headquartered polyolefins major LyondellBasell rose more than 20% in the second quarter of 2011 as the company marked its first year since emerging from US Chapter 11 bankruptcy protection.
LyondellBasell reported net income of $804m for the three months to the end of June 2011, up 21.3% from the $663m it made in the first quarter of the year.
Sales rose 14.6% to $14.04bn during the second quarter, from $12.25bn in the first three months of the year. Earnings before interest, tax, depreciation and amortisation (EBITDA) were $1.55bn in the second quarter from $1.40bn in the first quarter.
“During the second quarter, we continued to demonstrate the earnings potential of our company as margins increased over already strong first-quarter levels,” said CEO Jim Gallogly. “Our EBITDA of more than $1.5bn brings our first half EBITDA to nearly $3bn.”
As a result, it will not be possible to compare the company’s progress over a 12 month period until it publishes its third quarter 2011 earnings. It reported net income of $342m in May-June 2010 and $474m in the third quarter of that year.
For more on LyondellBasell visit ICIS Company Intelligence
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