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LyondellBasell announces financial results for Q1 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/04/2015 (16:02)
LyondellBasell has announced their financial results for the first quarter of 2015, according to a press release dated April 24 on the company’s website. The company’s net income increased to $1.16 billion in the first three months from $944 million in the first quarter of 2014 while income from continuing operations also rose to $1.17 billion from $943 million in the same period of 2014. However, the company’s sales and other operating revenues declined to $8.18 billion from $11.13 billion in the first three months of the previous year. In addition, LyondellBasell’s earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $1.95 billion compared with $1.66 billion in the same period of 2014.

The company attributed their stronger financial results in the first quarter to their flexible feedstock options and some supply and demand tightness for certain products, which helped to offset the effect of weaker crude oil costs.

The company’s operating income from its olefins and polyolefins segment in the Americas increased to $934 million from $656 million the same quarter of 2014 while EBIDTA increased to $1.031 billion from $736 million in the first quarter of the previous year. The stronger results were attributed to higher operating rates and sales volumes.
            
The company’s operating income from its olefins and polyolefins segment in Europe, Asia and other international markets also rose to $236 million in the first quarter from $225 million a year earlier. EDITDA in this segment posted a slight increase to reach $357 million in the first quarter from $356 million in the same period of 2014.
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