Modest Q1 profit on rising demand/Margins are improving/Final quarter spent under Chapter 11

摘要

LyondellBasell (Rotterdam/The Netherlands; www.lyon-dellbasell.com) returned a modest profit in Q1 2010 before exiting US Chapter 11 proceedings on 30 April as a reorganised entity. Operating income was USD 367m after a Q1 2009 loss of USD 141m. Net income rebounded to USD 10m, after last year's deficit topped 1 bn. Sales rose to USD 9.75 bn from USD 5.90 bn on higher volume sales and selling prices. Stronger global market conditions led to higher margins. Interest expense eased to USD 411m after reclassification of around USD 10m in debt. Separately, a New York court's slashing of USD 22 bn in claims by unsecured creditors to USD 450m facilitated the reorganisation plan.