Rotterdam, the Netherlands - LyondellBasell Industries has posted income for the third quarter 2011 of $895 million on sales of $13 297 million. Earnings (EBITDA) for the quarter were $1788 million, a 45-percent increase from the same period in 2010, the polyolefin producer said in its 28 Oct results report.
LyondellBasell produces propylene oxide (PO) and its co-products in the Intermediates & Derivatives business where it reported an earnings margin of 18 percent. Operating income for the segment was $259 million, up from $207 million in Q3 2010. Earnings were $297 million, up from $243 the previous year which LyondellBasell attributed to increased PO derivative margins.
"Our strong results over the last year and a half have enabled us to close the quarter with no net debt and begin to restructure our balance sheet," Jim Gallogly, LyondellBasell ceo, said in the report.