INEOS announces stronger financial results for Q2 2015
In its global market segments, the company’s reported a €281 million ($309 million) EBITDA in North America, up from €236 million ($260 million) in the second quarter of last year owing to healthy margins stemming from cost advantaged ethane and propane feedstock. A number of planned and unplanned competitor plant outages added to market tightness in the quarter while polymer demand was robust, with tight markets and high margins, the company stated in the press release.
In Europe, meanwhile, INEOS recorded an EBITDA of €158 million ($174 million), up 100% from €79 million in the same period of 2014 due to higher demand for olefins and polymers in the region along with supply tightness due to some unplanned shutdowns. According to the company, a weaker euro also helped European markets by limiting imports and supporting exports.
For the chemical segment, the company’s EBITDA increased to €171 million ($188 million) from to €132 million ($145 million) in the second quarter of 2014. The increase was attributed to improved demand and lower propylene prices as well as unscheduled shutdowns at some plants.
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