LyondellBasell Industries N.V. (LYB) has reported 22.62 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $797 million in the quarter, compared with $1,030 million for the same period last year. Revenue during the quarter grew 25.02 percent to $8,430 million from $6,743 million in the previous year period. Gross margin for the quarter contracted 632 basis points over the previous year period to 17.07 percent. Total expenses were 85.65 percent of quarterly revenues, up from 79.83 percent for the same period last year. That has resulted in a contraction of 582 basis points in operating margin to 14.35 percent.
Operating income for the quarter was $1,210 million, compared with $1,360 million in the previous year period.
"We began the year with improved results in our three largest segments. Olefins and polyolefins demand continued to be solid across all regions and we increased volumes from our Corpus Christi ethylene expansion. The Intermediates and Derivatives segment benefitted from improved first quarter profitability for styrene and methanol," said Bob Patel, LyondellBasell chief executive officer and chairman of the management board.
Operating cash flow drops significantly
LyondellBasell Industries N.V. has generated cash of $613 million from operating activities during the quarter, down 52.85 percent or $ 687 million, when compared with the last year period. The company has spent $539 million cash to meet investing activities during the quarter as against cash outgo of $597 million in the last year period.
The company has spent $472 million cash to carry out financing activities during the quarter as against cash outgo of $333 million in the last year period.
Cash and cash equivalents stood at $485 million as on Mar. 31, 2017, down 63.20 percent or $833 million from $1,318 million on Mar. 31, 2016.
Debt remains almost stable
LyondellBasell Industries N.V. has recorded a decline in total debt over the last one year. It stood at $9,032 million as on Mar. 31, 2017, down 0.77 percent or $70 million from $9,102 million on Mar. 31, 2016.
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