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LyondellBasell swings to Q3 net income of $467m

November 01/2010

(ICIS) -- LyondellBasell's net income surged to $467m during the third quarter, compared with a net loss of $651m in the same period of last year, on the back of increased demand for polyolefins and higher ethylene sales prices, the polyolefins producer said on Friday.

Sales came in at $10.3bn, up 20% from $8.61bn in the July-September period in 2009. Earnings before interest, tax, depreciation and amortisation (EBITDA) soared 53% to $1.20bn.

"We achieved excellent results in the third quarter as most of our segments performed very well," said CEO Jim Gallogly. 

In the US, LyondellBasells olefins and polyolefins results improved significantly compared with the third quarter last year, as the average ethylene sales price increased and polyolefins results rose based on an improved sales mix favouring domestic sales. 

In Europe, improved olefins and polyolefins margins accounted for the majority of the improved performance, the company said.

Volume growth in polypropylene (PP) and PP compounding, due in large part to increased demand from the automotive sector, also contributed to the improvement.

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