Oxea: Robust Third Quarter Results
Oxea S.à.r.l., Luxemburg, a leading global supplier of Oxo intermediate and Oxo Derivatives, today announced third quarter net sales of EUR 382.8 million, an increase of 4% compared with the corresponding period of the prior year.
After a very strong first half year of 2011 with record performance in both revenues and EBITDA, Oxea’s third quarter performance was affected by the general seasonality of the industry and the overall softening of the world economy. Notwithstanding the weak economic trend in the US and European regions as well as in China, Oxea achieved an Adjusted EBITDA of EUR 48.6 million and increased revenues compared with the corresponding period of the prior year, which again underlines the robustness of the business model. Operating Profit and Net Income of the prior year period included a net gain of some EUR 39.7 million on divestures. Under consideration of this exceptional item Operating Profit of EUR 43.9 million and Net Income of EUR 21.9 million in the third quarter of 2011 traded in line with the prior year period.
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