17 October 2012 22:21 [Source: ICIS news]
HOUSTON (ICIS)--US-based specialty chemicals producer Albemarle reported a third-quarter net income of $99.3m (€76.5m), down 14% from $116.1m reported for the same time last year because sales fell faster than costs.
Third-quarter net sales were $661.2m, down nearly 9% from $723.0m reported for the same time last year, Albemarle said.
Cost of sales were $446.5m, down nearly 4% from $465.0m reported for the same time last year.
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Polymer solutions reported net sales of $217.0m, down 11% year on year.
Fine chemistry reported net sales of $193.0m, up 8% year on year, the company said.
"Given the challenging economic environment, we are pleased with our results," according to a statement by Luke Kissam, CEO.
"Polymer Solutions faced severe deterioration in the electronics and European construction markets, but its performance was further evidence of the improvements we have made to this business since the 2008/2009 recession," Kissam said.
"Refinery catalysts volumes were strong in the quarter, but results were negatively impacted by significant reductions in metals surcharges, including rare earths," he said.
The fourth quarter should be even more difficult, but Kissam added that "I remain confident in our ability to grow our business in 2013".
($1 = €0.77)
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