16 November 2011 11:07 [Source: ICIS news]
LONDON (ICIS)--Oxea Sarl’s third-quarter net profit fell by 57% year on year to €21.9m ($29.6m), partly because of higher income taxes, the global oxo chemicals company said on Wednesday.
The company added that a net income of €50.5m reported in the corresponding period of 2010 was primarily attributable to net gains made from divestitures.
Sales for the third quarter were €382.8m, an increase of 4.2% compared with the same period in 2010, as lower volumes were more than offset by the pass through of higher raw material costs in sales prices to customers.
Oxea said that overall, volumes in the quarter were 4.3% lower year on year.
The group’s operating profit for the three months ended 30 September was €43.9m compared with €82.0m in the same period in 2010 primarily as a result of the net gain on divestitures in the prior year period, Oxea added.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the quarter fell 4.3% year on year to €48.6m.
“After a very strong first half year of 2011 with record performance in both revenues and EBITDA, Oxea’s third-quarter performance was affected by the general seasonality of the industry and the overall softening of the world economy,” Oxea said.
“Oxo Intermediates volumes were some 3.7% and Oxo Derivatives 5.6% lower than the corresponding period of the prior year, driven by production outages and lower volumes sold to European regions,” the group added.
Oxea’s product range includes oxo derivatives and intermediates such as alcohols, polyols, carboxylic acids, specialty esters and amines.
($1 = €0.74)
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