Oxea's Q2 net income up 38.4% on strong operating performance

13 August 2012 11:16  [Source: ICIS news]

OxeaLONDON (ICIS)--Oxea’s second-quarter 2012 net income increased by 38.4% year on year to €22.7m ($28.0m) on strong operating profit and lower financial costs and taxes, the company said on Monday.

Despite the rise in net income, sales revenue was down by 2.9% to €379.7m on lower volumes, mainly driven by turnarounds during the quarter, the global oxo chemicals firm said.

Operating profit rose by around 1% to €47.1m from €46.6m in the same period last year, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 18.4% to €46.0m.

“Margins in Q2 2012 were impacted by the turnarounds at the plants in Oberhausen [Germany] and Bay City [in the US] and by the inventory carry over impact from the strong decrease in propylene prices,” Oxea said in a statement.

“Therefore, adjusted EBITDA could not yet reach the level of the prior year period,” it added.

($1 = €0.81)

By: Graeme Paterson
+44 20 8652 3214

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