Dow Corning Q2 net up 6% on sales up 12%

31 July 2008 15:40  [Source: ICIS news]

TORONTO (ICIS news)--Dow Corning posted a 6% increase in second-quarter net income on a 12% increase in sales, despite high raw material and energy costs, the US silicones major said on Thursday.

 

Net income for the three months ended 30 June was $187.7m (€120m), up from $176.7m in the 2007 second quarter, on sales of $1.38bn, up from $1.23bn.

 

"While our sales and income both grew in the second quarter, we continue to be significantly challenged by high raw materials and energy costs," said chief financial officer Donald Sheets.

 

"We are encouraged by continued demand growth for our silicone-based products, especially in developing regions such as China, Eastern Europe, India and South America,” he added.

 

During the quarter, Dow Corning's joint venture, Hemlock Semiconductor, started up new manufacturing capacity which nearly doubled output of polycrystalline silicon, a critical raw material for the solar and electronics industries.

 

Michigan-based Dow Corning is a joint venture between Dow Chemical and glass maker Corning.

 

($1 = €0.64)

 

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