29 April 2009 00:18 [Source: ICIS news]
HOUSTON (ICIS news)--Rockwood Holdings posted a first-quarter net loss of $3.8m (€2.9m), compared with a profit of $28.7m during the same period a year ago due to a significant falloff in demand due to the global recession, the US specialty chemicals producer said on Tuesday.
Overall net sales for the three months ended 31 March were $660m, a decline of 22% compared to $843.8m in the first quarter of 2008.
"The reduction in sales was particularly severe in automotive and construction-related businesses," CEO Seifi Ghasemi said, adding that corporate priorities including controlling both working capital and capital spending helped Rockwood "cope with this [economic] downturn".
Net sales declined in all of the company's segments except titanium dioxide (TiO2) pigments, which saw an increase of 19.9%, the company reported.
Net sales declined by 28% in the company's specialty chemicals segments, 27% in its performance additives division, 34% in advanced ceramics and 26% in specialty compounds, Rockwood said.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations were down by 36% to $109.2m for the quarter, compared with $169.2 for the same period a year ago.
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