29 October 2009 18:26 [Source: ICIS news]
TORONTO (ICIS news)--Chemtura posted third-quarter net income down 27% to $8.0m (€5.4m) on a 26% decline in sales, the US-based specialty chemicals producer said on Thursday.
The company cited reduced volumes, an unfavourable product mix, reduced selling prices, lower plant utilisation, as well as unfavourable currency exchange rates in explaining the year-over-year decline.
Sales for the three months ended 30 September were $681m, down from $924m in the 2008 third quarter, as all of the company's major business segments reported lower year-over-year sales.
Gross profit for the third quarter was $168m, down 13% from $193m in the year-earlier quarter, and operating profit was $34m, down 23% from $44m in the year-earlier period.
Chemtura filed for Chapter 11 bankruptcy protection for its ?xml:namespace>
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