Arco Q1 net income slumps 13.5%

18 July 1994 00:00  [Source: ICB]

ARCO CHEMICAL CO announced that it was 'not satisfied' with first quarter results despite the current tough business climate. Group net income fell 13.5% year-on-year to $45m from $52m mainly as a result of planned maintenance at one of the company's major plants during the quarter.

Company chairman Alan Hirsig said he 'knows Arco can do more' and has stepped up the drive for improvement in all aspects of the company's business. He said progress made in 1993 and 'some of the good things happening this year' give him confidence that the company can succeed.

Arco believes its performance to date reflects the stronger US economy. It said sales volumes for PO (propylene oxide), its derivatives and styrene are improving but MTBE (methyl tertiary butyl ether) margins in Europe are weak when compared with the first quarter of 1993.

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