14 May 2012 12:09 [Source: ICIS news]
LONDON (ICIS)--Oxea’s net income in the first quarter of 2012 fell to €16.1m ($20.9m) from €30m in the same period the year before, due to a drop in operating profit and a difficult macroeconomic environment, the global oxo chemicals company said on Monday.
Net sales for the three months ended 31 March 2012 decreased 1.5%, compared to the same period in 2011, to €371.5m.
The company’s operating profit for the first quarter decreased by 34% year on year to €37.9m.
“Compared to the very strong first quarter of 2011 revenues stayed broadly flat but margins could not reach the previous level", Oxea said.
Oxea’s first-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 32% year on year to €44.5m, it added.
($1 = €0.77)
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