LyondellBasell reports $467-million third quarter net income

Global petrochemicals major LyondellBasell today reported a net income of $467 million (or $0.84 per share) for the third quarter of 2010.

Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $1.23 billion (excluding a $32 million non-cash LCM inventory charge), the company said.

Sales during the quarter stood at $10.30 billion. There were no comparisons as the company was under restructuring in the previous year.

Year-to-date EBITDA (excluding non-cash LCM charges of $365 million) stood at $3.27 billion.

The company also completed listing of its stock in the New York Stock Exchange.

"We achieved excellent results in the third quarter as most of our segments performed very well," said LyondellBasell chief executive Jim Gallogly. "Globally, our olefins and polyolefins results were approximately equal to the strong results of the second quarter. As a result, we again generated significant cash during the quarter and further improved our liquidity. In early October, we completed our listing on the New York Stock Exchange, another milestone in the creation of the new LyondellBasell," he added.