Ultrapar Q3 net income up 13%

Brazilian fuels, chemicals and bulk storage conglomerate Ultrapar (NYSE: UGP) said its net income increased 13% to 328mn reais (US$143mn) in the third quarter from 291mn reais in the same period last year.

The result was driven by a 17% rise in Ebitda to 765mn reais from 651mn reais.

At chemical unit Oxiteno, sales volumes were 193,000t, down 6% from 3Q12, mainly due to lower sales for specialty chemicals ahead of a scheduled maintenance stoppage in the Camaçari petrochemical complex in northeast Brazil.

In the Brazilian market, sales volume decreased 10%, due to lower sales of glycols. In the international market, sales volume grew 6%, due to the acquisition of a specialty chemicals plant in Uruguay, partially offset by lower exports of glycols.

Oxiteno's net sales totaled 867mn reais in 3Q13, up 9% over 3Q12, due to the 13% depreciation of the Real and the 3% higher average dollar prices.

Ebitda rose 28% to 146mn reais, mainly as a result of the weaker Real and a favorable sales mix in 3Q13.

Ultrapar invested 40mn reais in Oxiteno in the third quarter, mainly in expansions underway in the US and Mexico and in maintenance of its production units.