Georgia Gulf trims year on year Q4 net losses to $129.7m

18 February 2010 02:47  [Source: ICIS news]

SINGAPORE (ICIS news)--US-based Georgia Gulf said late on Wednesday it has trimmed its net losses in the fourth quarter of 2009 to $129.7m (€94.7m), from a loss of $198.7m in same year-ago period due in part to the refinancing of a credit facility.

“In 2009 we achieved significant milestones for restructuring our capital structure by completing a debt for equity exchange and a refinancing of our secured debt,” chief executive Paul Carrico said.

Net sales in the fourth quarter of 2009 were $502.1m, a 6% decline from $535.5m in the same period a year earlier due to lower prices, the company said.

The company’s chlorovinyls segment – which is its largest – saw sales decline 37.3% to $237.7m in the fourth quarter to lower prices, the company said.

The segment posted a gain of $4m in the fourth quarter as compared to a net loss of $4.5m in the fourth quarter of 2008.

Likewise, the company’s aromatic sales fell 9% to $93.3m in the fourth quarter from $102.7m during the same period in 2008, the company said.

For the full year of 2009, Georgia Gulf recorded net income of $145.8m, compared to a net loss of $257.6m in the previous year, while net sales fell 31% to $2bn.

“The decrease in sales is primarily due to lower prices resulting from lower feedstock and energy costs and lower volumes, particularly in aromatics,” the company said.

($1 = €0.73)

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By: Nurluqman Suratman



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