25 October 2012 13:26 [Source: ICIS news]
LONDON (ICIS)--The chemicals production division of US petrochemical giant Occidental Petroleum posted a 34% drop in earnings in the third quarter as a result of lower prices “across most product lines”, the company said on Thursday.
Occidental Chemical Corporation (OxyChem) reported a year-on-year fall in earnings to $162m (€124m) in the third quarter of 2012, from $245m over the same period last year.
The earnings drop is more than three times the size of the fall in sales over the quarter, which declined by 10% to to $1.11bn from $1.23bn last year.
OxyChem's earnings were also down year on year for the nine months to the end of September, falling by almost a quarter to $540m.
Occidental Petroleum’s overall third quarter net income was $1.38bn, down from $1.77bn in the same quarter last year, the company added.
($1 = €0.77)
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