US' Olin Corp Q2 net income up 13% on higher chlor-alkali earnings

24 July 2012 03:18  [Source: ICIS news]

SINGAPORE (ICIS)--Olin Corp’s net income rose by 13.1% year on year to $47.6m (€39m) in the second quarter of this year, partly boosted by higher earnings at its chlor-alkali segment, the US ammunitions and caustic soda producer said late on Monday.

The company’s overall sales fell by 3.86% year on year to $508.7m, while its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose marginally by 0.7% to $97.5m, the company said in a statement.

“Second quarter 2012 Chlor Alkali segment earnings of $75m increased compared to the $72.8m earned in the second quarter of 2011, due to improved prices and higher bleach and hydrochloric acid volumes, which more than offset lower chlorine and caustic soda volumes,” the company said.

For the first six months of 2012, the company’s net income slumped by 50.9% year on year to $86.3bn, despite a 5% increase in sales at $1.02bn.

The company’s chlor-alkali segment earnings in the third quarter of this year are expected to fall compared to the second quarter of 2012, the company said.

This is partly due to the approximately $8m of costs associated with two major plant outages as well as the continuation of seasonally weak chlorine demand, it added.

($1 = €0.82)

By: Nurluqman Suratman

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