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People & Business :: Energy and Feedstocks
LyondellBasell Swings to Loss on Destocking, Refinancing Costs
February 10, 2012 | Kara Sissell
LyondellBasell reported a fourth-quarter net loss of $218 million, compared with a profit of $766 million in the year-ago quarter. Sales rose 11%, to $11.4 billion. Weaker results were attributed to customer destocking, a slowdown in Europe and Asia, poor refining margins, and one-time charges. LyondellBasell says earnings were negatively impacted by $448 million, or 79 cts/share, in charges relating primarily to refinancing costs and the suspension of operations at its Berre, France refinery. LyondellBasell enjoyed a net income benefit of $151 million in the year-ago quarter, due primarily to a favorable inventory adjustment....
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