Brazil Oxiteno Q3 income soars on higher sales

08 November 2012 01:06  [Source: ICIS news]

HOUSTON (ICIS)--Brazil-based specialty chemicals producer Oxiteno reported on Wednesday an operating income of reais (R) 78.7m ($38.8m, €30.3m), up substantially year on year because of higher sales.

Oxiteno reported an operating loss of R600,000 for the same time last year.

Net sales were R795.9m, up by 27% from R624.4m reported for the same period last year. Cost of sales were R614.4m, up by 11% from R551.5m reported for the same time last year.

Oxiteno attributed the increase in revenue to higher sales volumes, made possible by expanded production capacity. The company also benefitted from a 24% drop in the value of the real.

Oxiteno is the only Brazilian producer of ethylene oxide (EO), ethylene glycol (EG), ethanolamines, glycol ethers and methyl ethyl ketone (MEK).

Oxiteno is also a subsidiary of Ultrapar.

Ultrapar reported third-quarter net earnings of R291m, up by 29% from R225m reported for the same time last year.  

Ultrapar also owns fuel distributors Ipiranga and Ultragaz as well as Ultracargo, a storage subsidiary.

($1 = R2.03, $1= €0.78)


By: Al Greenwood
+1 713 525 2645



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