23 April 2009 17:33 [Source: ICIS news]
LONDON (ICIS news)--Tessenderlo Chemie's production capacities could be reduced, the company said on Thursday, as it reported a €6.2m ($8.1m) net loss for the first quarter.
The broadly based producer of inorganics, polyvinyl chloride (PVC), pharmacuetical intermediates and plastic profiles and pipes called the current environment “very difficult” as it revealed losses in its chemicals and plastics converting operations. Group sales were 15.8% lower at €545.3m.
The drop in profits was most marked in chemicals, and particularly in inorganic products, with the comparable quarterly chemicals operating loss €9.0m against a profit of €26.1m earned in the first quarter of 2008.
The potassium fertilizer market had almost been at a standstill since the end of 2008, Tessenderlo said. Margins had been squeezed for animal feed phosphate and PVC but alkali results were better.
The plastics converting segment loss was €2.8m from a €7.9m profit in the first quarter of 2008.
The company’s specialty products segment profits were all but halved at €12.5m for the period from €23.9m with the pharmaceutical intermediates business weak.
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