LyondellBasell grew its second quarter earnings but reported lower profits from its plastics businesses as prices fell for certain base chemicals.
The Houston-based petrochemicals company on Friday reported $1.7 billion in profits last quarter, up from about $1.1 billion the previous year. Revenues increased from $8.4 billion to $10.2 billion during the same period.
In the Americas, the company’s plastics segment earned $571 million, down from $738 million the prior year quarter. Lower profit margins on ethylene, the building block of many types of plastics, accounted for most of the decline.
That business, however, reported stronger profit margins on polyethylene, the world’s most common plastic, despite a wave of new production facilities that have recently begun churning out billions of pounds of material.