Brazil Ultrapar Q4 net earnings up 36% year on year

21 February 2013 00:39  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazilian fuel distributor and specialty chemicals producer Ultrapar reported on Wednesday Q4 net earnings of Brazilian reais (R) 302m ($154m, €116m), up by about 36% year on year.

Q4 sales stood at R14.3bn, up by 12% year on year, as a result of revenues growth in all of Ultrapar’s subsidiary businesses, the company said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) reached R677m in the quarter, up by about 32% from the same period last year.

For all of 2012, Ultrapar's net income was about R1.0bn, up by about 17% from R855m reported for 2011. EBITDA reached R2.4bn, up by about 20% from R2.0bn in 2011.

We closed the year with significant earnings growth, despite the lower economic growth,” said Ultrapar CEO Thilo Mannhardt.

Ultrapar’s specialty chemical subsidiary, Oxiteno, posted sales volumes of 185,000 tonnes for the quarter, a 4% growth year on year.

The increase in volumes was mainly due to the acquisition of a specialty chemicals plant in Uruguay that was integrated in November, and a 5% in increase in domestic sales of specialties.

Oxiteno’s sales volumes for 2012 totalled 761,000 tonnes, up by about 15% on 660,000 tonnes in 2011.

Oxiteno’s EBITDA in the fourth quarter stood at R71m, down by about 11% year on year, mainly due to a non-scheduled stoppage in the Camacari petrochemical complex, costs related to the start-up of US operations and the increase in ethylene cost during the quarter, the company said.

For all of 2012, Oxiteno’s EBITDA stood at R350m, a growth of 34% over 2011.

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

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

Mannhardt took over as a CEO of Ultrapar on 1 January this year.

($1 = R1.95; $1 = €0.75)

By: Simon West

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