ROTTERDAM, NETHERLANDS (July 29, 12:15 p.m. ET) — LyondellBasell Industries has reported its second quarter results – net profit was $804 million, while earnings before exceptionals were $1.6 billion, an 11 percent increase from the first quarter 2011.
“During the second quarter, we continued to demonstrate the earnings potential of our company as margins increased over already strong first-quarter levels,” said LyondellBasell CEO Jim Gallogly.
“Following a very strong first half of the year, we remain positive about the balance of 2011,” said Gallogly. “The Chinese polyolefins market is giving indications that it is recovering from its soft patch and although U.S. and European polymer markets are still adjusting to this disruption, we are entering a period of significant industry maintenance.
“Most importantly, the fundamentals that created strong first-half results remain intact,” he added.