US Tronox posts $49m net loss in Q3 on increased expenses

06 November 2013 22:36 Source:ICIS News

HOUSTON (ICIS)--Tronox had a net loss of $49m (€36m) in Q3 2013 due to increased expenses, the US-based titanium dioxide (TiO2) producer announced on Wednesday.

The net loss plunged down from a $3m loss in Q3 2012.

Tronox did incrementally increase net sales in the third quarter of this year to $491m from $487m, as well as decrease cost of sales to $437m from $444m.

But losses from interest, debt and other expenses increased to $42m from $18m year over year, and the company suffered a lost of $8m on income tax after gaining $34m from the benefit in Q3 2012.

Pigment sales in the quarter increased 7.1% year over year to $300m from $280m in Q3 2012.

Mineral sands sales fell 9.9% year over year to $245m from $272m the year prior.

Tom Casey, chairman and CEO of Tronox, said: "Our third quarter financial results reflect market conditions that are stabilising. Pigment sales volumes remained strong for the third consecutive quarter."

Looking ahead, Casey said: “Current industry fundamentals, in our view, indicate that the pigment market is bottoming and will remain stable for several quarters before turning upward. US housing, Asian infrastructure spending and more stability in European markets should continue to keep demand firm.”

($1 = €0.74)

By Jeremy Pafford