Dutch LyondellBasell almost doubles Q3 net income to $895m

28 October 2011 11:53  [Source: ICIS news]

LONDON (ICIS)--LyondellBasell’s third-quarter net income almost doubled year on year to $895m (€627m) on a strong performance across its chemicals portfolio, the Netherlands-headquartered producer said on Friday.

The company said strong operations and advantaged asset positions had driven record results, particulary in US olefins and its refining and oxyfuels businesses.

Third-quarter sales rose by 29% from the same period a year ago to $13.3bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) were up by 45% to $1.79m.

Diluted earnings per share increased to $1.51 from 84 cents in the third quarter of 2010.

CEO Jim Gallogly said the company had “eclipsed” its previous record quarterly net income set in the second quarter of this year.

“In US olefins, we benefited from both very strong ethane and naphtha-based ethylene margins. Our midwest ethylene plants were especially advantaged,” Gallogly said.  

“Our strong results over the last year and a half have enabled us to close the quarter with no net debt and begin to restructure our balance sheet,” he added.

Gallogly said global economic uncertainty was leading to raw material price and profit margin volatility, but was confident on the company’s outlook.

“The volatility limits our near-term visibility, but our strategy of focusing on the basics and running our assets safely and efficiently has proven successful in any environment.” he said.

($1 = €0.70)

For more on LyondellBasell visit ICIS company intelligence

By: Graeme Paterson
+44 20 8652 3214

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