27 July 2012 12:47 [Source: ICIS news]
LONDON (ICIS)--LyondellBasell’s net income for the second quarter dropped 4.4% year on year to $768m (€622m), as sales fell, the company said on Friday.
Second-quarter net income includes a net negative effect of $191m related to debt repayment and inventory accounting charges.
Sales for the three months ended 30 June fell 15% year on year to $11.25bn, but were up 4.1% from the first quarter, the Netherlands-headquartered company said.
Second-quarter 2012 earnings before interest, tax, depreciation and amortisation (EBITDA) were $1.77bn, up 11% year on year and a 44% increase from the first quarter of 2012.
"During the second quarter, we continued to demonstrate the earnings power of our company as margins strengthened over the first quarter," said Jim Gallogly, LyondellBasell CEO.
"While global economic uncertainties dominate the headlines, our company's performance has remained strong. NGL supply and costs continue to drive favorable ?xml:namespace>
Looking ahead, Gallogly said: “In
($1 = €0.81)
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