LyondellBasell reports $660 million first quarter net income

Petrochemicals giant LyondellBasell Industries has reported first quarter 2011 (January-March 2011) net income of $660 million, or $1.15 per share, helped by increasing margins. 

The board of directors of the company also proposed a dividend, for the first time after restructuring of the company's operations.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $1,402 million, up 84 per cent from the fourth quarter of 2010 and up 119 per cent compared to EBITDA in the first quarter of the previous year.

Sales in the first quarter rose 15 per cent sequentially to $12.252 billion from the prior quarter. 

During the first quarter of 2011, LyondellBasell said results improved across all business segments, with notable improvements in global Olefins & Polyolefins and the Refining & Oxyfuels segment where margins increased in spite of crude oil price spike during the quarter.

"During the first quarter, we again demonstrated the earnings potential of our company as margins increased in nearly all businesses compared to the fourth quarter 2010 despite significant raw material pricing pressures," said LyondellBasell chief executive officer Jim Gallogly.