26 January 2010 03:55 [Source: ICIS news]
SINGAPORE (ICIS news)--US producer Olin reported on Tuesday that pre-tax profits at its chlor-alkali business in the fourth quarter plunged 94% year on year to $5.2m (€3.7m), “reflecting seasonally weak demand”.
Sales for the segment declined 28% to $224.9 million, it said.
The company expects earnings from this segment to “improve slightly” in the first quarter of 2010, “reflecting some anticipated improvement in demand”, said Joseph Rupp, chairman, president, and CEO of Olin.
In the fourth quarter, group net profit declined 53.8% to $21.8m.
Full-year earnings in Olin’s chlor-alkali operations fell 62% to $125.4m, representing 92% of the group’s 2009 net profit of $135.7m.
Olin also has an ammunitions business, being run under ?xml:namespace>
The group’s net profit declined 14% year on year.
($1 = €0.71)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|