16 February 2012 12:10 [Source: ICIS news]
LONDON (ICIS)--Huntsman more than tripled its net income in the fourth quarter of 2011 compared with the same period in 2010, to $105m (€80.9m) from $30m, despite lower demand trends and earnings pressure from foreign currency movements, the US-based chemicals company said on Thursday.
Revenues for the three months ending on 31 December came in at $2.6bn, up by 9% from $2.4bn in the same period in 2010, said Huntsman.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 11% to $243m, from $219m during the corresponding quarter in 2010.
The company’s adjusted EBITDA for the whole of 2011 rose by 39% year on year to $1.2bn, it said.
"Our adjusted EBITDA of $1.2bn represents the best year we have accomplished with our current business portfolio. This took place despite earnings pressure from foreign currency movements within the year and lower demand trends and aggressive customer destocking within the fourth quarter,” said CEO Peter R Huntsman.
“Looking forward, we anticipate that the corporation will see an improving global economy from this point forward. Most of our businesses have strong upside potential as we see a continued recovery in the world's economy. In 2012, we expect margin pressure on our Pigments business to be offset by improved earnings in our other divisions," he added.
($1 = €0.77)
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