US Celanese third quarter earnings fall 30%, sales drop 11%

23 October 2012 00:32  [Source: ICIS news]

HOUSTON (ICIS)--Celanese’s third quarter earnings dropped nearly 30% year on year and sales fell off 11% because of continuing weak demand for the producer’s acetyl products and derivatives, the US-based company said on Monday.

Net earnings totalled $117m (€90m), compared with $167m in the same quarter a year earlier, the company said.

Net sales totalled $1.609bn, compared with $1.807bn in the same period of 2011.

Celanese’s new chief executive, Mark Rohr, called it a solid quarter in a challenging economic environment, adding that demand for acetyl products and derivatives remained at “trough-like conditions”.

Weak economic conditions in Europe and Asia that have been a problem for Celanese’s acetyls intermediates division for much of this year continue to be an issue, according to the company.

($1 = €0.77)

By: Lane Kelley
+1 713 525 2653

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