29 July 1999 15:35 [Source: ICIS news]
HOUSTON (CNI)--Kerr-McGee's second quarter chemical division profits remained virtually flat at $34m (Euro32m) as lower results from the company's electrolytic and forest products operations more than offset increased pigment profits, Kerr-McGee reported Thursday.
Chemicals contributed 36% of all revenues for the Oklahoma City, Oklahoma integrated oil company. Kerr posted total chemical sales of $234.6m for an 11.7% decrease over the $265.8m reported for the same quarter last year.
Overall Kerr reported income of $45m from continuing operations, up 44% from the $31.4m reported for the second quarter 1998.
Total revenues rose 9% to $657.2m from $601.1m last year while total operating profit climbed 95% to $144m.
Luke Corbett, Kerr's top executive, predicted further earnings improvement in the company's chemical operations as the expansion of the Hamilton, Mississippi plant comes on line during the third quarter.
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