16 August 2011 12:38 [Source: ICIS news]
LONDON (ICIS)--Oxea Sarl’s second-quarter net profit fell by 29.6% year on year to €16.4m ($23.4m), as improved operating profit was more than offset by increased financial expense and higher income taxes, the global oxo chemicals company said on Tuesday.
The group’s operating profit for the second quarter was €46.6m, up by 23.0% from €37.9m in the same period last year, as a result of lower administration costs and increased income from site services, Oxea Sarl added.
“Oxea’s strong performance in the second quarter once again underlines the robustness of the business model. Continued recovery in the ?xml:namespace>
Sales for the three months to 30 June 2011 were €391.2m, up by 9.4% year on year, as the company passed higher raw material costs in sales prices on to customers.
Overall, volumes were about 1.1% lower than in the corresponding period of the year before, Oxea Sarl added.
“Oxo Intermediates volumes were some 2.8% lower than the corresponding period of the prior year, driven by production outages and lower Asian export volumes whilst volumes in Oxo Derivatives increased by some 4.9%,” the company said.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the second quarter were €56.4m, up by 19.5% compared with the same period in 2010, driven by lower operating expenses.
Oxea’s product range includes oxo derivatives and intermediates such as alcohols, polyols, carboxylic acids, specialty esters and amines.
($1 = €0.70)
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