Leaving bankruptcy hits US Chemtura with $367m Q4 loss

07 March 2011 23:42  [Source: ICIS news]

HOUSTON (ICIS)--US specialty chemicals producers Chemtura reported on Monday a fourth-quarter loss of $367m (€264m) because of charges it paid as part of its exit from Chapter 11 bankruptcy protection.

The company emerged from bankruptcy protection in November.

Chemtura reported a loss of $94m for the same time in 2009.

The company's gross profit, which excludes the bankruptcy charges, was $164m, down slightly from $166m reported for the same time in 2009. Chemtura attributed the drop to higher costs for feedstocks and energy, which offset an increase in net sales.

Fourth-quarter net sales were $680m up from $598m for the same time in 2009.

For all of 2010, Chemtura reported a net loss of $586m, compared with a loss of $293m for 2009.

Gross profit was $657m, up from $579m for 2009.

Chemtura produces agricultural chemicals, plastic additives, petroleum additives, pool chemicals and urethane chemicals.

($1 = €0.72)

For more on Chemtura visit ICIS company intelligence

By: Al Greenwood
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