Oxea Sarl Reports Second-Quarter Results
LUXEMBOURG - Oxea Sarl, a global supplier of Oxo Intermediates and Oxo Derivatives, announced second-quarter net sales of EUR 391.2 million, an increase of 9 percent compared with the corresponding period of the prior year. Continued recovery in the U.S. and European regions more than offset lower export sales to Asia and contributed to the results. Operating profit at EUR 46.6 million was some 23 percent above the corresponding period of the prior year.
Sales for the three months ended June 30, 2011, were EUR 391.2 million, an increase of 9 percent compared with the corresponding period of the prior year. Lower volumes were more than offset by improved product mix and the pass through of higher raw material costs in sales prices to customers. Overall, volumes were some 1.1 percent lower than in the corresponding period of the prior year. Oxo Intermediates volumes were some 2.8 percent lower than the corresponding period of the prior year, driven by production outages and lower Asian export volumes, while volumes in Oxo Derivatives increased by some 4.9 percent. Of revenues for the three months ended June 30, 2011, EUR 212.3 million resulted from sales in Europe, EUR 116.7 million in North America and EUR 62.2 million in the rest of the world compared to EUR 180.4 million, EUR 99.3 million and EUR 77.9 million respectively in the prior-year period.
Gross profit for the three months ended June 30, 2011, amounted to EUR 54.9 million compared with EUR 54.8 million in the corresponding period of the prior year. The impact of lower volumes was offset by lower manufacturing fixed costs.
Operating result for the three months ended June 30, 2011, was EUR 46.6 million compared with EUR 37.9 million in the corresponding period of the prior-year period as a result of lower SG&A expenses and increased income from site services.
Net income was EUR 16.4 million compared with EUR 23.3 million in the corresponding period of the prior year. Improved operating profit was more than offset by increased financial expense and higher income taxes.
Sales for the three months ended June 30, 2011, were EUR 391.2 million, an increase of 9 percent compared with the corresponding period of the prior year. Lower volumes were more than offset by improved product mix and the pass through of higher raw material costs in sales prices to customers. Overall, volumes were some 1.1 percent lower than in the corresponding period of the prior year. Oxo Intermediates volumes were some 2.8 percent lower than the corresponding period of the prior year, driven by production outages and lower Asian export volumes, while volumes in Oxo Derivatives increased by some 4.9 percent. Of revenues for the three months ended June 30, 2011, EUR 212.3 million resulted from sales in Europe, EUR 116.7 million in North America and EUR 62.2 million in the rest of the world compared to EUR 180.4 million, EUR 99.3 million and EUR 77.9 million respectively in the prior-year period.
Gross profit for the three months ended June 30, 2011, amounted to EUR 54.9 million compared with EUR 54.8 million in the corresponding period of the prior year. The impact of lower volumes was offset by lower manufacturing fixed costs.
Operating result for the three months ended June 30, 2011, was EUR 46.6 million compared with EUR 37.9 million in the corresponding period of the prior-year period as a result of lower SG&A expenses and increased income from site services.
Net income was EUR 16.4 million compared with EUR 23.3 million in the corresponding period of the prior year. Improved operating profit was more than offset by increased financial expense and higher income taxes.
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