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.
Ultrapar also owns the fuel distributor Ultragaz as well as Ultracargo, a liquid bulk storage subsidiary.
($1 = €0.77, $1 = R2.03)
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