Oxea's Q3 net income down 24% on higher costs as sales also fall

16 November 2012 11:09  [Source: ICIS news]

LONDON (ICIS)--Oxea’s third-quarter 2012 net income fell by 24% to €16.6m ($21.3m) on higher costs and lower net foreign currency gains, the global oxo chemicals firm said on Friday.

Net sales decreased by 4.7% year on year to €364.9m, while operating profit also fell, to €39.8m from €43.9m in the third quarter the year before.

Oxea said its net income was hit by higher selling, general and administration (SG&A) expense and lower other income and net foreign currency gains, though the latter was partly compensated by lower income taxes.

The company’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was also down, falling to €45.7m from €48.6m in the third quarter of 2011.

Oxea invested €60m during the first nine months of 2012, it said, focusing on strategic growth projects “leading to a further shift to high margin downstream derivatives within the product portfolio”.

The producer’s second specialty esters plant in Oberhausen, Germany, started up on Thursday this week, while its third carboxylic acids plant, also in Oberhausen, is due to be completed during the first quarter of next year, Oxea said.

($1 = €0.78)

By: Graeme Paterson
+44 20 8652 3214

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