22 August 1994 00:00 [Source: ICB]
SHELL PREDICTS the petrochemicals market in Europe will gradually improve, with encouraging growth in volumes, but warns that the recovery is still in its early stages and remains dependent on sustained economic growth, as well as further progress in balancing capacity and demand.
In the first half of 1994, Shell's chemicals segment reported a loss of £14m (£21m) compared with a loss of £173m the previous year. The company noted that the improvement took place against the background of special charges in the US. Excluding these charges, chemicals earnings rose, reflecting lower operating costs and a strengthening of the market.
In the second quarter, outside the US, earnings of £41m compared with a loss of £167m in the 1993 period which included special charges of £112m.
In the US, losses of £111m in the second quarter compared with earnings of £16m in the 1993 period. The 1994 quarter included special charges of £162m.
Chemical sector sales fell 0.3% in the first six months to £3.14bn from £3.15bn a year earlier.
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