25 February 2013 11:53 [Source: ICIS news]
LONDON (ICIS)--Oxea’s fourth-quarter 2012 net income rose by 56% to €14.4m ($18.9m) due to a higher operating profit and lower net financial expense, the global oxo chemicals firm said on Monday.
Net sales for the three months ended 31 December 2012 were €342.9m, an increase of 4.4% compared with the corresponding period of the prior year, as overall volumes grew 2.6%. Oxo Intermediates volumes were up by 1.7% and Oxo Derivatives volumes traded 5.9% higher, it added.
“The increase in revenues and earnings can be recognised across the entire product portfolio and all regions,” the company said.
Oxea said €158m of it revenues resulted from sales in Europe, €115m in North America, and €69m in the rest of the world compared with €141m, €109m, and €78m, respectively, in the prior year period.
Operating profit for the fourth quarter was €43.2m compared with €31.7m in the corresponding period the year before, primarily as a result of lower selling, general and administration expenses and higher gross profit – which rose 38% year on year to €47.1m on higher sales and improved margins.
On a full year basis, revenues of €1.46bn were slightly below the previous year, falling 1.4%, on the back of a soft world economy and overall challenging macroeconomic conditions, while net profit in 2012 fell 9.4% to €69.8m.
($1 = €0.76)
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