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INEOSís third-quarter EBITDA fell 20% year on year

October 24/2011

(ICIS) -- INEOSís third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) fell 20% year on year to ?371m ($515m), partly because of a softening in demand from the weakening economy, the Swiss-headquartered company said on Monday. INEOS also noted that results represented EBITDA for its chemicals businesses after the recent disposal of its European refining business.

In July this year, Chinese state-owned PetroChina completed its $1bn purchase of a 50% stake in UK-based INEOSís European refining operations, which included the groupís refineries in Grangemouth, Scotland, and Lavera, France.

ďGlobal economic and political turbulence has created hesitancy in many markets, leading to a softening in demand in a number of sectors towards the end of the third quarter,Ē INEOS added.
Compared with ?576m reported in the second quarter of 2011, the companyís EBITDA fell by 36%.

The groupís chemical intermediates segment reported EBITDA of ?165m in the third quarter, down 34% year on year. It said demand for phenol and acetone has been solid in a structurally tight market, while demand for oligomers remained good across most sectors, particularly for speciality grades.

Its Olefins & Polymers Europe business reported EBITDA of ?80m, compared with ?95m in the third-quarter of 2010. INEOS said that demand for olefins in the quarter continued to be strong, resulting in high cracker utilisation rates.

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