US Celanese Q4 earnings rise on lower expenses, asset disposition

23 January 2014 23:32  [Source: ICIS news]

HOUSTON (ICIS)--US-based acetyls producer Celanese reported on Thursday a Q4 net income of $654m, up from a net loss of $169m reported for Q4 2012, as the company reported a gain from an asset disposition.

In addition, Celanese reported much larger selling, general and administrative expenses in Q4 2012. Those expenses totalled $476m.

In Q4 2013, Celanese reported a benefit of $5m in the category.

Meanwhile, the company also reported a $738m gain on an asset disposition, compared with a $1m loss reported for Q4 2012.

Taxes and other charges helped offset Celanese's year-on-year gains.

Net sales reached $1.62bn, up 8% from $1.50bn from Q4 2012.

Cost of sales was $1.25bn, down slightly from $1.26bn from the same time last year. As such, Q4 gross profit reached $367m, up more than 50% from $244m reported for Q4 2012.

By: Al Greenwood
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