Dow Chemical reports loss in this quarter

31-Jul-09

The Dow Chemical Co. has reported a loss in the second-quarter, mainly due to loss in earnings to the charges incurred by the buyout of rival Rohm & Haas and poor sales for chemicals. Net sales were US$11.3 bln for the quarter, compared to US$9 bln for the first quarter and US$16.3 bln for Q2-2008. The company reported a net loss of US$435 mln for the quarter. Dow reported sales volume gains in all segments except health and agricultural sciences and hydrocarbons and energy. The quarterly results include charges related to adjusting values for Rohm and Haas inventories, restructuring, other acquisition costs and discontinued operations. Dow completed a US$16.5 bln buyout of Rohm & Haas, a specialty chemicals manufacturer. Dow has hastened to cut debt levels after closing the deal in April. The company has shed assets, cut about 10,000 jobs and closed 20 factories.