LUXEMBOURG - Oxea Sarl, a global supplier of Oxo Intermediates and Oxo Derivatives, announced fourth-quarter net sales of EUR 351.2 million, a 43 percent increase from the same period last year. The company reported net income of EUR 24.3 million versus EUR 16.8 million in the prior-year period, and adjusted EBITDA was EUR 46.4 million versus EUR 34.2 million in the prior-year period.

The increase in sales was driven by an increase of eight percent in total volumes, improved product mix and the pass through of higher raw material costs to customers. The volume increase was particularly strong in the company’s Oxo Derivatives segment, where volumes were some 12 percent higher than in the prior-year period. Volumes in the Intermediates segment were some seven percent higher than in the prior-year period. EUR 183.2 million of revenues for the three months ended December 31, 2010, resulted from sales in Europe, EUR 103.3 million in NAFTA and EUR 64.7 million in the rest of the world compared to EUR 115.8 million, EUR 77.8 million and EUR 52.6 million respectively in the prior-year period.

Gross profit for the three months ended December 31, 2010, increased by 44 percent to EUR 44.4 million compared with EUR 30.9 million in the corresponding period of the prior year. The increase of EUR 13.5 million was attributable to higher volumes in both Oxo Intermediates and Derivatives segments and improved margins, which more than offset the increase in raw materials and manufacturing fixed costs.