Huntsman posts $406m Q2 net profit, cites Hexion settlement

06 August 2009 14:19  [Source: ICIS news]

(Recasts with words "year over year" in paragraph 5)

TORONTO (ICIS news)--Huntsman’s second-quarter net income soared to $406m (€280m), up from $27m in the same period a year earlier, due to $844m in income related to Hexion’s terminated takeover of Huntsman and a subsequent litigation settlement with banks, the US-based chemicals major said on Thursday.

Operationally, Huntsman reported a loss of $61m for the three months that ended on 30 June, compared with an operating profit of $104m in the 2008 second quarter.

Revenues were $1.866bn, down 36% from $2.896bn in the 2008 second quarter primarily due to lower sales volumes and lower average selling prices in all of its segments, Huntsman said.

Gross profit was $237m, down 38% from $382m, it said.

Huntsman recorded lower sales and declining profits year over year in all of its main business segments – polyurethanes, advanced materials, textile effects, performance products and pigments.

($1 = €0.69)

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By: Stefan Baumgarten
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