LyondellBasell reports 2012 net income of $2.83 billion

Global petrochemicals major LyondellBasell has reported record net income of $2.83 billion (or $4.92 diluted earnings per share) for the year ended December 2012, against $2.14 billion (3.74 a share) for the year ended December 2011.

LyondellBasell, which emerged from Chapter 11 bankruptcy in 2010, reported full year 2012 income from continuing operations of $2.86 billion (or $4.96 per share).

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to $5.86 billion in 2012 from $5.59 billion in 2011.

The company paid a total dividend of $2.4 billion during the year - a yield of approximately 7 per cent.

LyondellBasell also joined the S&P 500 index during the year.

While sales and other operating revenue for the year was lower at $45.35 billon in 2012 against $48.18 billion in 2011. LyondellBasell Industries said profits were boosted by low natural gas prices in the US and a low base year when profits were weighed down by debt repayment charges.