Home / Knowledge / News / Textiles / Westlake Chemical net income drops in Q1
Westlake Chemical net income drops in Q1
01
May '08
Westlake Chemical Corporation reported net income of $5.4 million, or $0.08 per diluted share, for the first quarter of 2008. This represents a decrease from the first quarter of 2007 net income of $19.7 million, or $0.30 per diluted share. Sales for the first quarter of 2008 were $915.1 million and income from operations for the first quarter of 2008 was $13.9 million. This compares with net sales of $718.8 million and income from operations of $32.7 million in the first quarter 2007.

The increase in sales is primarily the result of higher selling prices for all of the major olefins and vinyls products. Income from operations, however, decreased in the first quarter as compared to the first quarter of 2007 due to lower margins resulting from significantly higher feedstock costs.

Industry prices for ethane increased over 70% while industry prices for propane increased over 50% in the first quarter of 2008 as compared to the first quarter of 2007. Natural gas and electricity costs also increased significantly year over year. The Vinyls segment was further impacted by the continued weakness in the construction markets and seasonal slowdowns in the first quarter of 2008.

In addition to these reductions, the first quarter was negatively impacted by a turnaround at the styrene plant in Lake Charles, Louisiana and the closure of the Pawling, New York window and door component manufacturing facility. The styrene plant was down for 45 days during the quarter and underwent a major maintenance turnaround and revamp project designed to increase energy efficiency and minimally increase capacity.


Must ReadView All

Building of Ethiopian textile unit by Chinese firm starts

Textiles | On 22nd Jan 2018

Building of Ethiopian textile unit by Chinese firm starts

Chinese firm Wuxi No. 1 Cotton Mill will build a textile plant in...

JD.com to invest $3.1 bn to revive industry in NE China

Apparel/Garments | On 22nd Jan 2018

JD.com to invest $3.1 bn to revive industry in NE China

To back the government’s campaign to revitalize the traditional...

SIMA makes pre-budget recommendations to Indian govt

Textiles | On 22nd Jan 2018

SIMA makes pre-budget recommendations to Indian govt

Exemption of 5 per cent goods and services tax (GST) on raw cotton,...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Top executives
Textile industry

The foremost issue is bridging the skill gap

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search