30 April 2013 12:01 [Source: ICIS news]
LONDON (ICIS)--Huntsman Corporation reported its second consecutive loss-making quarter, on the back of lower sales volumes across most of its product lines compared to the same period a year ago, the US-based chemicals company said on Tuesday.
The company posted a net loss of $24m (€18m) for the first three months of the year, an improvement on the $40m net loss posted in the fourth quarter of 2012, but below the $163m net profit reported in the first quarter of 2012.
Revenues for the period were down 7% year on year for the period at $2.7bn, and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was down 46% year on year to $220m.
Revenues decreased for the company’s polyurethanes, performance products, advanced materials and pigments divisions, due primarily to lower sales volumes in most cases. Pigment volumes were largely unchanged, but were impacted by lower average selling prices, the company added. Textile effects revenues grew on higher sales, despite a fall in prices.
Huntsman president and CEO Peter Huntsman said: "During the first quarter this year we saw a meaningful improvement in our MDI [methyl di-p-phenylene isocyanate] polyurethane margins. We expect this trend to continue as industry fundamentals improve.
“With the successful restart of our Port Neches facility and in excess of $165m of annual cash improvements in the next several quarters, we continue to forecast that our non-TiO2 [non-titanium dioxide] divisions will collectively do better this year than last,” he added.
($1 = €0.76)
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