Houston, Texas -- Kraton Polymers LLC reported a 25 percent loss in gross profit, to $46 million (€31.5 million) for Q3, compared to the same period last year.
The company said, in a 14 Nov statement that the loss was due to higher monomers and plant restructuring.
Pre-tax earnings (EBITDA) for the quarter decreased by 31 percent to $26 million year-on-year.
Net income was down by $800 000 to $12 million in the comparable period of 2006.
Kraton noted a $2 million increase in its total revenue, to $290 million. The company said that product price increases and the strengthening of foreign currencies, partially offset by lower sales volumes and lower by-product sales, drove the increase.
â€œThe price increases we implemented in the quarter only partially offset variable cost increases,â€ said George Gregory, president and chief executive officer of the Kraton, in the statement.
â€œIn response to lower margins, we are reviewing further price increases to keep pace with increasing raw material and energy costs and are accelerating cost reduction programmes,â€ he added.
Gregory said that Kraton would remain â€œ committed to providing our customers with the highest valued products and service in the industry.â€(ss)
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Results from Kraton