Brazil's Oxiteno reports 14% drop in Q1 earnings

03 May 2012 00:23  [Source: ICIS news]

HOUSTON (ICIS)--Brazil-based specialty chemicals producer Oxiteno reported on Wednesday reais (R) 64m ($33.5m, €25.5m) in earnings before interest, tax, depreciation and amortisation (EBITDA), down 14% year on year because its sales mix was less favourable and international prices for glycols fell.

First-quarter net sales reached R647m, up 18% because of higher volumes and a weaker Brazilian real. The same trends, however, caused Oxiteno's cost of sales to rise 26% year on year, reaching R527m.

Oxiteno produces ethanolamines, ethoxylates, ethylene glycols (EG), polyether polyols and methyl ethyl ketone (MEK).

Oxiteno is one of the subsidiaries of Ultrapar. Ultrapar also owns Ipiranga, a fuel retailer and Ultracargo.

Ultrapar's first-quarter EBITDA reached R502m, up 7% year on year because of higher earnings from Ipiranga and Ultracargo.

($1 = R1.91)
($1 = €0.76)

By: Al Greenwood
+1 713 525 2645

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