Bloomberg News

Ineos Demand Softened at End of Third Quarter on Economy

October 24, 2011

(Updates with disposal proceeds in fourth paragraph.)

Oct. 24 (Bloomberg) -- Ineos Group Holdings SA said demand “softened” at the end of the third quarter as economic and political turbulence created “hesitancy” in many markets.

Earnings before interest, taxes, depreciation and amortization declined to 371 million euros ($516 million) from 464 million euros, Ineos said today in a statement on its website.

The company completed the sale of half of its refining business to PetroChina Co. in July, using the proceeds to pay down debt, it said.

Demand for chemical intermediates was “mixed” in the quarter with earnings from the unit dropping 34 percent, Ineos said.

--Editors: Jerrold Colten, Benedikt Kammel

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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