18 April 2013 23:32 [Source: ICIS news]
HOUSTON (ICIS)--US-based acetyls producer Celanese reported a 26% decline in net earnings for the first quarter, on higher tax payments and continued weakness in its acetyls division, the company said on Thursday.
The company’s Q1 net earnings during the period ended 31 March totaled $142m (€109m) compared with a profit of $193m in the same period of 2012, according to Celanese’s earnings release.
Celanese reported an income-tax provision of $77m during the quarter, versus an income-tax benefit of $73m in the first quarter of 2012, according to its earnings release.
Net sales for the company declined slightly, to $1.605bn, a drop of 1.7% from $1.633bn in the first quarter of 2012.
Celanese said global demand for acetyl products and their derivatives remained at low levels.
Chief executive Mark Rohr said the producer “must remain focused and continue to deliver improved results throughout the year for us to achieve our growth objectives".
($1 = €0.77)
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