Dutch chemical manufacturer LyondellBasell Industries NV (LYB) on Friday posted a loss for its fourth quarter, compared to prior year's profit, hurt by charges related to the suspension of operations at the Berre refinery and costs related to refinancing activities. Sales increased slightly for the quarter.
Chief Executive Officer Jim Gallogly said, "The fourth quarter was a period of global economic slowdown and our results were impacted by broader trends. Customers responded to this slowdown by destocking inventory and delaying orders, which negatively impacted volumes in Europe and Asia and margins globally."
Fourth-quarter loss of $218 million or $0.38 per share, compared to the year-ago profit of $766 million or $1.34 per share.
The latest quarterly results were negatively impacted by charges of $448 million or $0.79 per share relating primarily to interest expense related to the company's refinancing and charges associated with the suspension of operations at the Berre refinery. The prior year's results included gains of $151 million or $0.27 per share mainly related to lower of cost or market inventory adjustment
Sales and other operating revenues for the period edged up to $11.44 billion from $10.61 million in the prior-year.
Fourth-quarter EBITDA of $536 million, lower than prior year's $1.09 billion negatively impacted by significantly weaker refining margins and charges relating primarily to the Berre refinery. Year-end economic slowdown which led to reduced ethylene industry margins further negatively impacted results.
Regarding the current trading the company noted that positive momentum is seen in early 2012 in U.S. olefins and refining industries.
On the near-term outlook, Gallogly said, "We expect overall first-quarter economic activity to remain slow in Europe and Asia for certain of our businesses. In recent weeks, we have seen indications that our market environment is improving in the U.S."
LYB shares closed Thursday's regular trading at $44.58, down $0.12 or 0.27 percent. In pre-market activity, shares are currently trading at $41.15, down $3.43 or 7.69 percent.
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