Huntsman's net loss widens to $68m in the third quarter

04 November 2009 12:11  [Source: ICIS news]

LONDON (ICIS news)--Huntsman reported a net loss for the third quarter of $68m on Wednesday compared with a loss of $20m for the equivalent 2008 quarter, but a year-on-year increase in underlying adjusted operating profits.

Reported earnings before interest, tax, deprecation and amortisation (EBITDA) for the quarter were $107m from $165m in the third quarter of 2008.

Adjusted earnings at this level, which eliminate gains and losses from disposals, acquisitions, restructuring, the failed merger agreement with Hexion and other items, were $200m from $194m in the 2008 quarter and $96m in the second quarter of this year.

“I am very pleased with our third quarter results,” said CEO Peter Huntsman.

“We saw improved demand across our businesses and remain encouraged by our monthly year-over-year order pattern. We continue to see the positive results of our decisions during the past three years to expand our Asian operations and to focus on more differentiated chemistry while divesting of our commodity chemicals and plastics businesses.”

Huntsman was optimistic that the economic recovery would continue but said the company expected fourth quarter 2009 earnings to be seasonally lower than those announced for the third quarter.

Third quarter revenues were down 22.8% year-on-year at $2.1bn but up 13.0% up on the second quarter of 2009.

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By: Nigel Davis
+44 20 8652 3214

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