08 May 2009 23:15 [Source: ICIS news]
HOUSTON (ICIS news)--Chemtura posted a first-quarter net loss of $94m (€70.5m), down from a $21m net loss a year ago due to continued weak demand, the bankrupt US specialty chemicals producer said on Friday.
Net sales declined accordingly, falling 43% to $517m from $909m in the prior-year period.
“January saw no improvement in customer demand from the depressed levels in December 2008, and some business segments saw further deterioration,” the company said.
“While February and March of 2009 saw incremental improvement in net sales compared with January, business conditions remained difficult, particularly for business segments serving cyclically exposed industries as is evidenced by the 43% reduction in sales in the first quarter," the company said.
The decline was led by the company’s industrial engineered products segment, which produces polymer additives. Revenues for that segment decreased by 52%, to $157m from $327m, from the prior-year period due to lower volumes as well as $31m in costs related to the divestiture of the company’s oleochemicals business.
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