MOSCOW (MRC) -- Dutch chemicals and polymers maker LyondellBasell Industries, the world’s biggest maker of polypropylene plastic, has reported that first-quarter net income increased to USD1.16 billion or USD2.41 per share from USD944 million or USD1.72 per share in the prior-year quarter, as per RTT News.
Income from continuing operations grew to USD1.17 billion or USD2.42 per share from USD943 million or USD1.72 per share last year.
Results for the latest quarter include a USD92 million non-cash, pre-tax charge for the impact of a lower of cost or market (LCM) inventory adjustment (USD58 million after tax).
Excluding items, adjusted income from continuing operations was USD1.23 billion or USD2.54 per share, compared to USD943 million or USD1.72 per share in the year-ago quarter.
Sales and other operating revenues for the quarter declined to USD8.19 billion from USD11.14 billion in the same quarter last year. Analysts expected revenue of USD9.48 billion for the quarter.
Looking ahead, CEO Bob Patel said, "Planned and unplanned industry downtime has continued to support polyolefins pricing. Additionally, in the U.S., NGL feedstock inventories stand at or near record levels, production has remained strong, and NGL prices are low. During the quarter, we expect our Intermediate and Derivatives segment to benefit from normal seasonal trends. Thus far, Refining industry spreads have declined versus the first quarter but remain healthy."
As MRC informed previously, in November 2014, LyondellBasell Industries said "tight" markets for its products may stall the narrower margins that it expects will ultimately come from lower oil prices.
LyondellBasell Industries NV is a manufacturing company. The company produces chemicals, fuels, and polymers used for packaging, clean fuels, durable textiles, medical applications, construction materials, and automotive parts. LyondellBasell Industries operates globally and is headquartered in the Netherlands. LyondellBasell is also a leading licensor of polypropylene and polyethylene technologies. The more than 250 polyolefin process licenses granted by LyondellBasell are twice that of any other polyolefin technology licensor.
MRC