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Oxea Reports Higher Net Profits, Lower Sales

8:27 AM MDT | August 13, 2012 | Ian Young

Oxea (Oberhausen, Germany) reported a 38% increase in second-quarter 2012 net profits compared with the corresponding period of 2011, to €23 million ($28.4 million), on sales down 3%, to €380 million. Operating profits were flat year-on-year, at €47 million. The higher net profit reflects lower net financial expenses and lower income taxes, Oxea says. Earnings were negatively impacted by the inventory carry-over effect following a big decrease in propylene feedstock prices. Sales were reduced by turnarounds at Oxea's Bay City, TX, and Oberhausen...

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