26 March 2012 10:05 [Source: ICIS news]
SINGAPORE (ICIS)--Oxea’s operating performance in the first two months of 2012 improved compared to the fourth quarter of 2011 despite significant increase in raw material prices at the start of the year, the global chemicals company said on Monday.
The improvement in its operating performance was partly driven by restocking activities by its customers along the value chain, reversing the de-stocking trend seen in the fourth quarter last year, Oxea said in a statement.
Based on an average monthly basis, compared to the average of such figures for the fourth quarter of 2011, volumes increased by 8.1%, while revenues grew by 9.5%, and average monthly adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were 19.2% higher, it said.
For the first two months ended 29 February 2012, adjusted EBITDA reached €28.2m ($37.6m), and revenues totalled €239.7m, it added
The company estimates results for the first-quarter of 2012 to be consistent with January and February 2012 results, Oxea added.
($1 = €0.75)
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