LUXEMBOURG - Oxea Sarl, a supplier of Oxo Intermediates and Oxo Derivatives, announced first-quarter net sales of EUR 377 million, a 30-percent increase compared with the corresponding period the prior year.
Continued recovery in the United States and European regions, coupled with strong demand from Asia, contributed to the results. The operating result more than doubled to EUR 57.2 million compared with EUR 27.2 million in the corresponding period of the prior year, and operating margins increased to 15.2 percent compared with 9.4 percent in the prior-year period. EBITDA margins increased substantially to 17 percent.
The sales increase was driven by an increase of five percent in total volumes, improved product mix and the pass through of higher raw material costs to customers. The increase was particularly strong in the Oxo Derivatives segment, where volumes were some 11 percent higher than in the prior-year period. Volumes in the Intermediates segment were some three percent higher than in the prior-year period.