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(ineos) -- INEOS Group Holdings S.A.
confirms a significant improvement in trading in the first quarter of
2012.
Based on unaudited management information INEOS reports that EBITDA
for the first quarter of 2012 was EUR465 million, compared to EUR577 million for
Q1, 2011 and EUR190 million for Q4, 2011. Comparative information excludes the
results of the Refining business, which was disposed of in July
2011.
Chemical Intermediates reported EBITDA of EUR233 million compared
to EUR290 million in Q1, 2011. Chemical Intermediates experienced an improvement
in performance in the quarter with solid demand across most sectors, which
enabled the pass through of the recent increases in raw material prices.
The Phenol business reported a record quarter with good demand and a
constrained supply situation (partially due to a heavy industry turnaround
schedule) leading to healthy margins. The Oligomers business has experienced
strong demand and healthy margins in all sectors.
Volumes and margins
for the Nitriles business are now improving after a weak fourth quarter. The
Oxide business had a mixed performance for the quarter with good EO demand in
Europe partially offset by a weaker MEG market in Asia due to softer polyester
demand. |
