Europe-Based Companies Report Lower Earnings

Leading Europe-based chemical companies reported mainly lower net profits in the second quarter of 2012 compared with the corresponding period of 2011. Earnings were under pressure partly because of the economic slowdown, especially in Europe, and margins for companies producing basic petrochemicals and plastics were squeezed by higher feedstock costs and lower selling prices. Yara International was an exception, posting strong earnings growth based on robust fertilizer markets. Chemical firms’ sales increased as they managed to offset slow growth in mature...

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