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Net income slips at Westlake Chemicals in Q4
Feb '17
For the three months ended December 31, 2016, net income at US petrochemicals producer Westlake Chemical Corporation slipped to $98.9 million, or $0.76 per diluted share, as against $111.0 million, or $0.84 per diluted share in the fourth quarter of 2015. Net sales in the reporting quarter however, surged 76 per cent year on year to $1,735.2 million.

According to the company, pre-tax unabsorbed fixed manufacturing costs and other costs associated with planned turnaround and unplanned outages of various plants resulted in decline in net income.

While, net sales for the fourth quarter of 2016 increased over the prior year’s same quarter, primarily due to sales contributed by Axiall, which it acquired earlier in the year.

Income from operations for the quarter under review was down at $152.7 million, compared to $181.1 million in the corresponding period of the earlier year, primarily as a result of the transaction and integration related costs, and impact from the planned turnarounds and unplanned outages. (AR)

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