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Oxea reports earnings, sales declines for the third quarter

10:20 AM MST | November 16, 2012 | Lindsay Frost

Oxea (Oberhausen, Germany) today reported third-quarter results, with sales and income dropping because of weak demand for oxo intermediates and derivatives. Net income fell 24%, to €16.6 million ($21.1 million), year-on-year (YOY) because of a higher selling, general, and administration expense (SG&A); lower other income; and lower net foreign-currency gains partially offset by lower income taxes, the company says. Adjusted Ebitda was €45.7 million—6% lower than the third quarter 2011. Sales were down 5%, to €364.9 million. The company...

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