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Dow Chemical 3Q profit falls on higher taxes, R&D charges
Published in Saudi Press Agency on 25 - 10 - 2007


Dow Chemical Co. said
Thursday its profit fell 21.3 percent in the third quarter
due to changes in German tax laws, higher domestic tax
rates and charges for research and development, REPORTED AP.
The chemical manufacturer posted net income after paying
preferred dividends of $403 million (¤283.2 million), or 42
cents per share, compared with a year-earlier profit of
$512 million, or 53 cents per share.
The quarter was weighed down primarily by a provision for
income taxes of $659 million (¤463.11 million), which was
substantially higher than a tax provision of $137 million a
year earlier. Excluding items, Dow reported profit of 84
cents per share for the three months that ended Sept. 30.
Sales rose 10 percent to $13.59 billion (¤9.55 billion)
from $12.36 billion a year earlier, boosted by a 19 percent
jump in Dow's agricultural sciences segment, a 12 percent
increase in plastics and a 7 percent rise in chemicals.
Analysts polled by Thomson Financial, on average, expected
earnings of 90 cents per share on revenue of $12.65 billion
(¤8.89 billion).
Demand was strongest in the Europe, Asia Pacific and Latin
America regions, Dow said.
«Global economic conditions remain reasonably healthy,
even though there may be some concerns about the resilience
of the U.S. economy going forward,» Dow Chief Executive
Andrew Liveris said in a statement.
For the first nine months of this year, the company
reported a profit of $2.42 billion (¤1.7 billion), or $2.49
per share, compared with $2.75 billion, or $2.82 per share,
during the same period in 2006.
Dow had sales of $39.29 billion (¤27.61 billion) from
January through September, compared with $36.89 billion
during the first nine months of last year.


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