07 August 2012 12:51 [Source: ICIS news]
HOUSTON (ICIS)--Momentive Specialty Chemicals’ second-quarter net income fell 56% year on year to $28.0m (€22.7m) because of lower volumes and an unfavourable product mix due to declines in certain higher-margin products, the US-based producer said on Tuesday.
Momentive’s revenue for the three months ended 30 June fell to $1.3bn, from $1.4bn in the 2011 second quarter. Operating income fell 28% year on year to $92m.
“Our broad product portfolio and geographic diversity continued to help in offsetting some of the global economic volatility we experienced in the second quarter of 2012,” said CEO Craig Morrison.
“While our results lagged year-over-year in our base epoxy, specialty epoxy and oilfield resins businesses, we saw strong improvement in our Versatic acids and derivatives, North American forest products resins and our ?xml:namespace>
In addition, Momentive achieved savings under a shared services agreement with sister company Momentive Performance Materials, he said.
($1 = €0.81)
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