14 May 2013 13:13 [Source: ICIS news]
HOUSTON (ICIS)--Momentive Specialty Chemicals on Tuesday reported a 2013 first-quarter net loss of $4m (€3.1m), compared with a loss of $16m in the same period a year before, as sales remained flat at $1.2bn.
US-based Momentive said that improved North American housing markets, as well as restructuring, drove results in its forest products business, which saw a 20% year-on-year improvement in underlying earnings.
Momentive's overall first-quarter gross profit was $143m, compared with $172m in the 2012 first quarter. Operating income was $45m, compared with $44m for the year-earlier period.
Lower volumes and slightly higher selling, general and administrative costs were offset by decreased asset impairments, lower business realignment costs and the positive impact of savings from a shared services agreement with sister company Momentive Performance Materials, Momentive said.
First-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) in Momentive’s epoxy, phenolic and coating resins business fell $40% year on year to $68m while EBITDA in the forest products business rose 20% to $55m.
($1 = €0.77)
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