27 February 2012 11:48 [Source: ICIS news]
LONDON (ICIS)--Oxea’s net income in the fourth quarter of 2011 fell to €8.7m from €24.3m in the same period the year before, as a result of lower revenues and higher income taxes, the global oxo chemicals company said on Monday.
Net sales for the three months ended 31 December 2011 were €328.4m ($443.8m), a decrease of 6.5% from the corresponding period of 2010, on the back of a fall in volumes.
“Oxea’s fourth quarter performance was affected by the continued softening of the world economy and destocking activities along the value chain in the entire industry,” Oxea said.
“Overall, volumes were 6.4% lower than in the corresponding period of the prior year mainly driven by destocking activities along the value chain in the entire industry and production outages,” it added.
The group’s volumes in Oxo Intermediates and Oxo Derivatives segments were 7.1% and 4.2% lower respectively than the corresponding period of the prior year, Oxea said.
Fouth-quarter gross profit amounted to €33.8m compared with €44.4m in the same period in 2010, mainly due to lower volumes.
For 2011 as a whole, Oxea’s net income fell 31% to €77.0m from 2010, although its net income in 2010 benefited from a net gain of €40m from a divesture.
Net sales in 2011 were up by 8% year on year to €1.48bn.
($1 = €0.74)
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