28 October 2009 13:04 [Source: ICIS news]
TORONTO (ICIS news)--Ashland posted a fiscal fourth-quarter net income of $93m (€63m) compared with a $10m loss in the year-earlier period largely due to cost cuts, while revenues fell 5%, the US-based international chemicals producer and distributor said on Wednesday.
Revenues for the three months ended 30 September were $2.113bn, down from $2.216bn in the year-earlier quarter.
Results included the acquisition of rival Hercules, which was completed on 13 November 2008.
After adjusting for the acquisition of Hercules as if it had been completed on 1 October 2008, and other items, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 37%, from $163m to $224m, the company said.
($1 = €0.68)
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