Brazil Ultrapar Q1 income rises 29% on higher sales

16 May 2013 03:05  [Source: ICIS news]

HOUSTON (ICIS)--Brazil-based fuel retailer and specialty chemicals producer Ultrapar posted on Wednesday a first-quarter net income of reais (R) 246.5m ($121.4m, €93.5m), up by 29% from R191.7m in the same period last year because of higher revenue.

First-quarter net revenue was R13.6bn, up by 9.7% from R12.4bn in the same period last year, Ultrapar said.

The increase reflected growth in Ultrapar's fuel-retailing subsidiary, Ipiranga. The company posted R432m in earnings before interest, tax, depreciation and amortisation (EBITDA), up by 28% year on year.

Ipiranga's earnings rose in part because Brazil's vehicle fleet continues to expand, Ultrapar said, adding that Ipiranga's network grew.

The company's specialty chemicals subsidiary, Oxiteno, posted a first-quarter operating income of R48.2m, up by 30% from R37.1m in the same period last year.

Oxiteno's first-quarter net revenue was R754.5m, up by 17% from R646.7m posted for the same time last year.

Oxiteno's first-quarter sales volume reached 198,000 tonnes, up by 6% year on year.

Ultrapar attributed the increase to higher specialty sales for the home and personal care segments. Also, in November, Oxiteno had acquired a specialty chemicals company in Uruguay.

The weaker Brazilian real also boosted earnings, Ultrapar said.

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

Ultrapar also owns the fuel distributor Ultragaz as well as Ultracargo, a liquid bulk storage subsidiary.

($1 = €0.77, $1 = R2.03)


By: Al Greenwood
+1 713 525 2645



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index