29 October 2012 22:25 [Source: ICIS news]
HOUSTON (ICIS)--US-based specialty chemicals producer Ferro reported a third-quarter net loss of $316.1m (€243m) because of lower sales and higher one-time charges, the company said on Monday.
During the third quarter of 2011, Ferro reported a net income of $19.3m.
Third-quarter sales were $414.8m, down 24% form $546.1m reported for the same time last year.
Ferro reported a third-quarter restructuring and impairment charge of $198.8m, compared with a charge of $869,000 reported for the same time last year.
The third-quarter impairment charges were related to the company's electronic materials segment and that segment's solar-pastes business.
By segment, Ferro's electronic materials reported a loss of $6.31m, compared with income of $16.5m reported for the same time last year.
Polymer additives reported a third-quarter income of $5.40m, compared with $4.25m for the same time last year. Specialty plastics reported a third-quarter income of $3.73m compared with $2.72m for the same time last year.
($1 = €0.77)
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