Huntsman swings to $55m Q3 net income, sales revenue up 16%

04 November 2010 11:33  [Source: ICIS news]

LONDON (ICIS)--Huntsman recorded a net income of $55m (€39m) during the third quarter, up from a net loss of $68m during the same period last year due to a surge in sales volumes, the US-based chemicals company said on Thursday.

Revenues for the three months ended 30 September came in at $2.40bn, up 16% from $2.08bn in the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to $257m from $107m during the corresponding quarter in 2009.

“We have seen a continuous recovery in global demand for all of our products and margins are increasing in most product lines,” said Peter Huntsman, president and CEO.

He said the company’s sales volumes in the third quarter exceeded the same period volume in 2007, its benchmark for a normalised demand environment.

“As our global focus is on the further development of our specialty products, we continue to see many opportunities for growth," Huntsman added.

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By: Hilde Ovrebekk
+44 20 8652 3214

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