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Net income rises 7.34% in FY15 at LyondellBasell
10
Feb '16
LyondellBasell, a US based chemicals' company serving various industries including textiles, reported a rise of 7.34 per cent in its net income to $4.4 billion in fiscal 2015, ending on December 31, as compared to $4.1 billion in the previous fiscal, according to a press statement released by the company.

Diluted earnings per share for the fiscal 2015 were reported to be $9.60 per share, a rise of 1.6 per cent as compared to $8 per share in fiscal 2014.

Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) were $7.5 billion in this period as compared to $7.05 billion in the previous fiscal.

Commenting on the results, Bob Patel, CEO of LyondellBasell said, “During 2015, LyondellBasell generated record earnings, advanced our growth program and continued returning cash to shareholders at an industry-leading rate.  Our company posted strong results with record performance from our Olefins and Polyolefins – Europe, Asia and International, intermediates and derivatives and technology segments.”

“We are confident that our industry position and our continued focus on cost and operating discipline will serve us well under a variety of market conditions.  While near term industry performance will partially hinge on the direction of raw material costs and subsequent price responses, our growth positions remain advantaged, product demand continues to be good and our expansions are generating incremental earnings,” he added.

“During 2016, we plan to complete an 800 million pound ethylene expansion project, complete engineering for our one billion pound propylene oxide plant and finalise our polyethylene expansion plans,” he informed. (MCJ)

Fibre2Fashion News Desk – India

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