Global petrochemicals major LyondellBasell Industries today reported net income for the second quarter 2010 of $8.84 billion ($203 million excluding a net $8.64 billion after-tax gain on the discharge of liabilities based on fresh-start accounting adjustments).

Net income for the April-June 2010 quarter stood at $8.84 billion against a loss of $353 million in the same quarter of the previous year and a mere $8 million net income in the previous quarter of the current year.

Net income for the first six months of the current year stood at $8.85 billion against a loss of $1.37 billion in the same period of the previous year.

Excluding reorganisation items, and a $333 million non-cash inventory charge, second-quarter 2010 earnings before interest, income taxes, depreciation and amortisation, and restructuring costs (EBITDAR) was $1.40 billion, the company said in a release. 

Sales and other operating revenues for the second quarter of the current year were up at $10.48 billion against $7.50 billion in the previous year quarter and $9.76 billion in the previous quarter of the current year.

Income for the first six months of the year stood at $20.24 billion against $13.40 billion in the same period of the previous year.