Revenues fall at Huntsman Textile Effects
Huntsman Textile Effects has recorded first-quarter revenues of $1.7 billion, a 33% decrease compared with $2.5 billion in the first quarter of 2008 and a 17% decrease compared with $2 billion for the fourth quarter of 2008.
Net loss for the first quarter of 2009 was $290 million compared with net income of $7 million for the same period in 2008. Net income for the fourth quarter of 2008 was $598 million.
President and CEO, Peter Huntsman, said: "Our results for the first quarter of 2009 reflect decreased demand in all our businesses resulting from the worldwide economic slowdown. Although average demand for the quarter was soft, in fact it was softer than the fourth quarter, we did see positive order patterns within the first quarter and left the quarter with stronger demand than we entered.”
However, he added: “With our strong liquidity and lower cost structure we are well positioned for the current recession and to prosper as we see a return to normal market conditions."
