27 October 2009 22:09 [Source: ICIS news]
HOUSTON (ICIS news)--Nalco posted a third-quarter net profit of $28m (€18.8m), down 51% from a profit of $57.4m in the year-ago quarter due to lower sales and 2008 divestment gains, the US water-chemicals producer said on Tuesday.
Revenues declined 14.2% due to the economic slowdown and unfavourable currency exchange rates, the company said. However, revenues rose 4.8% from the second quarter based on improving conditions in mining, manufacturing and paper markets, Nalco said.
By region, sequential sales were up 15% in Latin America, 9% in Asia and 8% in Europe, Africa and the Middle East, while holding flat in ?xml:namespace>
“The business is starting to return to a growth path as economies recover,” chief executive Erik Fyrwald said.
By segment, sales declined 8% year over year in energy services, 10% in water services and 13% in paper services, Nalco said.
Looking forward, the company said production among most of its customers appeared to be recovering. Nalco said it expects
($1 = €0.67)
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