US Westlake Q3 net income up 8% at $67.9m on stronger sales
01 November 2011 12:33 [Source: ICIS news]
LONDON (ICIS)--?xml:namespace>Westlake’s third-quarter net income grew by 8% year on year to $67.9m (€48.9m) on the back of strong sales, the US polyethylene (PE) and polyvinyl chloride (PVC) producer said on Tuesday.
Sales were up 24% to $968.4m, largely on higher prices, the company said.
However, olefins segment income fell in the third quarter to $105.4m year on year from $136.1m, mainly because of higher feedstock costs and lower operating costs, the company added.
Westlake’s vinyls segment produced an income from operations of $16.1m against a loss of $24.2m in the third quarter of 2010.
“Vinyls margins have improved over last year as a result of higher prices for PVC resin and PVC pipe and improved export demand for PVC resin,” CEO Albert Chao said.
“Our natural gas-based ethylene production continues to have a cost advantage over naphtha-based feedstock, which has benefited both our vinyls and olefins segments,” he added.
($1 = €0.72)By: Leigh Stringer+44 208 652 3214
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