08 August 2013 00:24 [Source: ICIS news]
HOUSTON (ICIS)--US titanium dioxide (TiO2) producer Tronox reported on Wednesday a 2013 net loss of $13m (€9.8m) as costs grew faster than sales.
During the same time last year, the company reported a Q2 net income of $1.14bn because it recorded a large gain from the acquisition of a mineral-sands business.
Tronox’s sales for the three months ended 30 June rose by 22% year on year to $525m. But cost of sales during the quarter increased by 56%, reducing its gross margin to $50m compared with $125m in the second quarter of 2012.
Sequentially, the performance improved. During the previous quarter, Tronox reported a net loss of $57m.
“Our second-quarter financial results reflect continued growth in pigment and zircon sales volumes,” CEO Tom Casey said. Pigments “delivered its third consecutive quarter of … volume increases and second consecutive quarter of revenue increases while selling prices are showing signs of stabilising.”
($1 = €0.75)
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