Earnings per share at Westlake Chemical Corporation in the three months ended June 30, 2016, dropped steeply by 44.8 per cent year over year to $0.85 per diluted share.
The US based specialty chemicals producer reported net income of $111.1 million in the second quarter of 2016 as against net income of $205.1 million in the prior year's second quarter.Earnings per share at Westlake Chemical Corporation in the three months ended June 30, 2016, dropped steeply by 44.8 per cent year over year to $0.85 per diluted share. The US based specialty chemicals producer reported net income of $111.1 million in the second quarter of 2016 as against net income of $205.1 million in the prior year's second quarter.#
Net income was impacted by pre-tax unabsorbed fixed manufacturing costs and other costs associated with the planned turnaround and expansion of the Lake Charles Petro 1 ethylene unit.
Reasons also included an unplanned outage at the Calvert City, Kentucky facility and unplanned outages at other chemical facilities totaling approximately $65.7 million, or $0.33 per diluted share.
For the second quarter of 2016, net sales also were down at $1,086.1 million as against net sales of $1,185.0 million in the corresponding quarter of the previous year.
“Net sales declined $98.9 million, mainly due to lower sales prices for all of our major products and lower sales volumes for polyethylene, ethylene and ethylene co-products,” the company explained. (AR)
Fibre2fashion News Desk - India