Aug 1, 2013 - US silicon-based materials maker Dow Corning on Wednesday said its net profit had contracted by 28% on the year to USD 87 million (EUR 65m).
On an adjusted basis, the company's net profit stood at USD 107 million, down 11% as compared to the same period of 2012.
Dow Corning, a joint venture of Dow Chemical (NYSE:DOW) and glass group Corning (NYSE:GLW), booked a 9% year-on-year drop in second-quarter revenues of USD 1.43 billion.
In the first six months of 2013, the company generated a net profit of USD 149 million, declining 22% in annual terms. On an adjusted basis, income eased by 9% to USD 174 million. Revenues slipped by 13% to USD 2.69 billion.
According to the firm's CFO J Donald Sheets, the market oversupply and increased raw materials costs continued to dent the performance of Dow Corning's silicones business in the first half of 2013.
The second-quarter results started to improve for polycrystalline silicon and other silicon-based products supplier Hemlock Semiconductor Group, which is comprised of joint ventures formed by Dow Corning, Shin-Etsu Handotai and Mitsubishi Materials (TYO:5711). Yet, polysilicon and prices and volumes fell due to the industry oversupply and the global solar conflicts, Dow Corning said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.