12 February 2013 12:07 [Source: ICIS news]
LONDON (ICIS)--Huntsman’s net income swung to a net loss of $40m (€30m) in the fourth quarter of 2012 as a result of restructuring costs and the early repayment of debt, the US-based chemicals company said on Tuesday.
The loss, which compares with a $105m net profit during the fourth quarter in 2011 and a $116m net profit during the third quarter of 2012, is driven by the early repayment of $78m of debt, compared with $2m during the prior-year period. The company also spent $40m on restructuring costs during the period, Huntsman added.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at $104m compared with $273m during the fourth quarter of 2011, and revenues were broadly stable year on year at $2.62bn.
Net income for the year as a whole was $363m, a 47% increase on the $247m generated in 2011, the company added.
Huntsman CEO Peter Huntsman said: “We have put programs in place across our divisions that will enhance our future competitiveness and increase shareholder value. I expect the future annual benefits of these programs to be approximately $190m when complete in the middle of 2014.
“The company generated more than $200m in cash from operations and repaid $50m of term loans in the fourth quarter. We look forward to funding future growth opportunities with free cash flow generation and remain committed to reducing our overall debt,” he added.
($1 = €0.75)
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