France's Arkema Books €72m Net Loss in Q4 '08
SINGAPORE (ICIS news)--French chemical firm Arkema Group (Arkema) has booked a net loss of €72m ($91m) in the fourth quarter of last year due to the collapse in global demand, the company said on Thursday.
The losses reversed a net profit of €18m recorded in the fourth quarter of 2007.
Sales for the October-to-December period fell 10.3% to €1.2bn from the same period a year earlier, with earnings before interest, tax, depreciation and amortisation (EBITDA) plunging 56.1% to €47m, it said.
“Market conditions have not showed any signs of improvement since the beginning of this year and (earnings) visibility remains low for the rest of 2009,” Arkema said in a statement.
"Market conditions remain very difficult with further de-stocking by customers," the company said.
For the whole of 2008, Arkema reported an 18% year-on-year decline in net profits to €100m ($80m) in 2008.
Full-year sales slipped 0.7% to €5.6bn, with earnings before interest, tax, depreciation and amortization (EBITDA) down 3.9% year-on-year to €498m, the company said.
“Arkema’s first priority is to focus on cash generation and preservation of its balance sheet by a very strict management of its working capital and capital expenditures,” the company said.
The losses reversed a net profit of €18m recorded in the fourth quarter of 2007.
Sales for the October-to-December period fell 10.3% to €1.2bn from the same period a year earlier, with earnings before interest, tax, depreciation and amortisation (EBITDA) plunging 56.1% to €47m, it said.
“Market conditions have not showed any signs of improvement since the beginning of this year and (earnings) visibility remains low for the rest of 2009,” Arkema said in a statement.
"Market conditions remain very difficult with further de-stocking by customers," the company said.
For the whole of 2008, Arkema reported an 18% year-on-year decline in net profits to €100m ($80m) in 2008.
Full-year sales slipped 0.7% to €5.6bn, with earnings before interest, tax, depreciation and amortization (EBITDA) down 3.9% year-on-year to €498m, the company said.
“Arkema’s first priority is to focus on cash generation and preservation of its balance sheet by a very strict management of its working capital and capital expenditures,” the company said.
quoted from: www.ICIS.com
