27 February 2013 16:10 [Source: ICIS news]
LONDON (ICIS)--Styrolution posted net income of €9.1m ($11.8m) during the fourth quarter of 2012 compared to a €44.5m net loss during the same period a year earlier, on the back of increased revenues across all polymers segments, the Germany-based company said on Wednesday.
A joint venture between German company BASF and Swiss company INEOS, the styrene-focused company reported a 5.4% increase in revenues year on year during the quarter to €1.44bn, noting that the polymers revenue increase had occurred despite lower sales.
Styrolution attributed this increase in revenues to the successful transfer of increased feedstock costs onto its customers, particularly for polystyrene in Europe, the Middle East and Africa (EMEA), and North America.
Polystyrene revenues were up 14.6% for the quarter at €602.9m compared to €526.1m for the same quarter in 2011, while styrene monomers revenues were also up slightly year on year at €375.7m during the period, due to the successful transfer of increased feedstock costs onto customers.
Acrylonitrile butadiene styrene (ABS) revenues were down slightly year on year for the quarter at €186m as a result of weaker demand in Asia and the EMEA region. Specialties revenues marked a 2.6% decline for the period year on year to €271m.
Net income for the year as a whole was €55.8m, compared to €89.8m in 2011.
($1 = €0.77)
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