26 October 2012 12:54 [Source: ICIS news]
LONDON (ICIS)--LyondellBasell’s net income for the third quarter of the year dropped by 5.7% year on year to $844m (€650m) from $895m in the same period last year as a result of lower European olefins margins, it said on Friday.
The Netherlands-headquartered chemicals company, which recently replaced retailer Sears in the US S&P 500 index, posted improved quarter-on-quarter net income levels, from $768m for the three months to the end of June 2012, but attributed this to lower interest and financing charges rather than improved sales.
Sales were broadly flat quarter on quarter at $11.27bn, but down almost 10% compared with the third quarter of 2011, when the company generated $12.52bn.
“The olefins and polyolefins segment results for Europe, Asia and International (EAI) reflected weak European economic conditions. however, polyolefin sales volumes improved versus the second quarter,” said LyondellBasell CEO Jim Gallogly.
The company predicted that the fourth quarter would bring a slowdown in demand for many of their product lines, but that this was unlikely to be as severe as that experienced in the fourth quarter of 2011.
($1 = €0.77)
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