LyondellBasell happy with quarter despite slide
By PRW Staff
Posted 29 October 2012
LyondellBasell posted a lower-than-expected quarterly profit, down 6%, due in part to the cost of materials for its European operation. Q3 income was £525m, down from £555m for the same period last year.
“LyondellBasell continues to perform strongly in a volatile economic environment,” said CEO Jim Gallogly. “We are pleased with the third quarter and year-to-date results as the company advances its strategy.
“Although the outlook for the global economy is uncertain, we remain focused on safe and reliable operations, continuously improving our cost structure and disciplined growth.
“During the third quarter, our segments generally performed well, and results were consistent with their specific business environments and geographic exposures,” continued Gallogly. “Our olefins and polyolefins business in North America continues to provide excellent results.”
The company expects a seasonal slowdown in its final quarter, albeit not one of the severity experienced in 2011.
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