US Huntsman improving but not Textile Effects
Revenues of American internationally operating Huntsman Corporation improved in the first half of 2012 and against the same period for 2011 to USD 5827 (USD 5613) million and net income from USD 176 to USD 287 million. And EBITDA rose from USD 562 to US 742 million and adjusted EBITDA from USD 625 to USD 762 million and the majority of these operating results came from the Polyurethanes business with a double digit global growth for MDI products and creating also improved margins
The decrease in revenues for the second quarter of 2012 in the Textile Effects Division amounted to UD 195 (USD200) million – and to compare with the same period 2011 – was primarily a result of lower average selling prices only partially offset by higher sales volumes, specifically in Asia. Average selling prices decreased by 3 % in local currencies and due to the changed exchange rate 5 % primarily because of the strength of The USD against major international currencies and sales mix. Also adjusted EBITDA, a loss USD 4 (USD 7) million or -3 % but was improving by 43 %, was the result of higher sales volumes (+ 5 %), lower manufacturing costs due to recent restructuring efforts. The half year sales of Textile Effects decreased from USD 390 to USD 380 million or – 3 % and adjusted EBITDA remained at the level of a loss of USD 13 million.
The company hopes to harvest the fruits of the restructuring efforts but expects a mixed ongoing year due to external influencing factors.