25 February 2009 08:07 [Source: ICIS news]
SINGAPORE (ICIS news)--Finland’s Kemira has booked a net loss of €68.5m ($87.8m) in the fourth quarter due to one-off restructuring costs, the company said on Wednesday.
The loss for the three months was larger than the €25.7m deficit Kemira recorded in the previous corresponding period.
“The main part of the non-recurring costs involves production capacity cuts, business closures and the discontinuance of non-profitable business, and the measures underlying the costs will improve Kemira's profitability in the near future,” the company said in a statement.
Kemira recorded a total of €79.8m one-off charges for its restructuring and cost savings program during the quarter.
Its revenue for the October-to-December period declined 4% year-on-year to €628m, while its operating losses stood at €68.1m.
“Strengthening the balance sheet will form one of our main focus areas in 2009,” said Harri Kerminen, president and CEO of Kemira.
Kerminen also highlighted the challenging market situation in many of Kemira’s customer industries against the background of the gloomy economic environment.
“During the first quarter of the year, Kemira's revenue is expected to fall due to reduced demand amongst customer industries,” he said.
($1 = €0.78)
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