31 March 2010 23:50 [Source: ICIS news]
HOUSTON (ICIS news)--A Schulman posted a 2010 fiscal second-quarter net loss of $6.81m (€5.11m), an improvement from a $10.82m loss in the year-earlier period as sales increased 21.4%, the US plastic compounds and resins producer said on Wednesday.
Sales for the quarter that ended on 28 February were $331m, up from $272.6m in the 2009 second quarter on increased sales of higher-priced products and positive translation effects from foreign currency, particularly the euro, A Schulman said.
Increased demand was particularly present in Asia and ?xml:namespace>
By segment, A Schulman's colour and additive concentrates and polyolefins businesses were the most successful, with sales growing by 22.4% and 18.1%, respectively.
The increased demand was countered by rising costs, however, with overall costs of sales rising 14.9% year over year and selling, general and administrative expenses (SG&A) increasing 30.2%.
The $331m in second-quarter sales was down from $362.9m in the 2010 fiscal first quarter.
Looking forward, "We are optimistic that markets will gradually improve in the remaining half of fiscal 2010, and we expect
Additional reporting by Brian Ford
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