Ineos Quattro Holding reported third-quarter EBITDA of EUR 162 million, down from EUR 407 million in the second quarter and EUR 177 million a year earlier. Ineos Group Holdings reported quarterly EBITDA of EUR 703 million, down from EUR 1.13 billion in the prior quarter but above EUR 375 million a year earlier.
Ineos said Middle East conflict continued to affect regional supply-demand balances, with exports from the region significantly reduced. Resulting feedstock shortages slowed production in Asia, while low ethane prices made North America more cost-advantaged.
Ineos Quattro said profitability in Europe suffered from the return of low-cost Asian imports and elevated energy prices. Styrolution EBITDA fell to EUR 64 million from EUR 94 million a year earlier, and Inovyn fell to EUR 13 million from EUR 64 million.
Aromatics EBITDA reached EUR 45 million, reversing a EUR 8 million loss a year earlier, helped by higher p-xylene contract prices and stronger PTA/p-xylene spreads in China. Acetyls EBITDA rose to EUR 40 million from EUR 27 million.
Ineos said uncompetitive European gas prices led to idling of its acetyls plants in Hull, UK, while US volumes were shipped to Europe. The sale of Inovyn's Italian chlor-alkali business is expected to close in the fourth quarter.
