In spite of record sales of PET resin, US-based producer of polyester products Wellman, Inc. has reported a net loss from continuing operations of $26 million for the first quarter of 2007, ended March 31, compared with a net loss of $18.9 million for the same period in 2006.

Commenting on the results, chairman and CEO Thomas Duff stated, “Although we experienced disappointing overall results in the first quarter, we achieved record quarterly PET resin sales and volume due to strong demand. Our sales volume benefited from delays in the start-up of some of the new capacity announced by our competitors and an improved trade balance which was helped by the differential between US and Asian polyester raw material costs returning closer to historical levels. We expect the supply/demand balance to remain favourable in the second quarter and for PET resin margins to improve over first quarter levels based on our announced selling price increases.”

Wellman manufactures polyester products including PermaClear brand PET (polyethylene terephthalate) packaging resin and Fortrel brand polyester fibre.