Celanese reports sharp rise in Q3 net earnings on tax benefit

27 October 2009 11:06  [Source: ICIS news]

LONDON (ICIS news)--Celanese’s third-quarter net earnings more than doubled year on year to $399m (€267m) from $158m due to a deferred tax benefit, the US chemicals major said on Tuesday.

“The 2009 results included a benefit of approximately $382m related to a deferred tax benefit associated with the release of certain income tax valuation allowances,” it added in a statement.

However, net sales for the three months ended 30 September were down 28% from the same period in 2008 to $1.304bn and operating profit fell 56% year on year to $65m.

"Our third quarter results reflect stabilisation in demand across our major geographies and end-use applications with modest recovery in select areas,” said chairman and CEO David Weidman.

“Continued strength in Asia and the benefits of government-sponsored programmes in the North American automotive and related industries also contributed positively to our results," he added.

The company said in its outlook that it continued to see modest recovery of global economics with increased volumes across all its businesses.

It added the company planned to reduce costs by a further $100m.

($1 = €0.67)

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By: Lucy Craymer
+44 20 8652 3214

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