Canada Chemtrade records Q4 net loss on revenue decrease

21 February 2014 00:47 Source:ICIS News

HOUSTON (ICIS)--Chemtrade Logistics recorded a Canadian dollars (C$) 29.2m ($26.5) loss for Q4 2013, compared with a C$15.6 profit for Q4 2012, as revenues fell about 10%, the Canadian sulphur producer announced on Thursday.

Net sales fell to C$202m in Q4 2013 from C$223m in the year-prior period.

The decline was partially due to the fall in prices for sulphur and decreases in both prices and sales volumes for sulphuric acid in the international segment.

Cash flow from operating activities fell to C$29.9m from C$39.6m.

Chemtrade recorded a C$5.46m net profit for all of 2013, down almost 86% from C$38.9m in 2012, as both prices and volumes for sales of sulphur and sulphuric acid fell year over year. Full-year revenue fell about 9% in 2013 to C$836m from C$919m.

β€œIt was a good year for Chemtrade, with our operating businesses continuing to perform well. We were also able to effectively deploy our capital plan and further improve the effectiveness of our assets,” CEO Mark Davis said in a news release.

Davis also said that the highlight of the year was the acquisition of General Chemical, which was announced in December 2013 and completed in January 2014.

($1 = C$1.10)

By David Tonyan