High feedstock and energy costs hit DOW Q3-07 profits

Dow Chemical Co. has recorded a 21.3% fall in Q3-07, posting net income after paying preferred dividends of US$403 mln, as against year ago profits of US$512 mln. This fall in profits is mainly because of changes in German tax laws, higher domestic tax rates and charges for research and development. A provision for income taxes of US$659 mln for the year has been substantially higher than a tax provision of US$137 mln a year earlier. Sales rose 10% to US$13.59 bln from US$12.36 bln a year earlier, boosted by a 19% jump in Dow´s agricultural sciences segment, a 12% increase in plastics and a 7% rise in chemicals. Demand was strongest in the Europe, Asia Pacific and Latin America regions. Global economic conditions remain reasonably healthy, despite concerns about the US economy.
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