New York: Dow Chemicals today reported 82
per cent rise in net income at USD 799 million for the third
quarter as compared to the year-ago period.
The company's net income from continuing operations had
stood at USD 440 million in the third quarter of 2008, a
company statement said.
However, Dow Chemicals' net sales declined to USD 12.04
billion in Q3 against USD 15.37 billion in year-ago period.
"Dow once again delivered stronger sequential earnings
due to our focus on aggressive price/volume management,
accelerating cost reductions, especially with the Rohm and
Haas integration, plus benefiting from our global presence
with volume gains in emerging geographies," Dow chairman and
chief executive officer Andrew N Liveris said.
The company profitability has been supported by the gains
from divestitures of ownership stakes in Total Raffinaderij
Nederland NV and the OPTIMAL Group of Companies.
The company results also benefited from a lower tax rate
in the quarter primarily due to a significant improvement in
equity earnings versus the prior quarter, the statement added.
Dow stated that the economic outlook for the rest of 2009
appears to be stabilising with strong growth in Asia Pacific,
especially China, and other emerging geographies.
"The global economy is now on firmer footing and in our
view, the US economy is beginning a slow and tenuous recovery,
with unemployment continuing to be a drag on consumer
spending," the company said.
Bureau Report
First Published: Friday, October 23, 2009, 00:11