(United States Of America)
In the second quarter of 2014 ending June 30, 2014, NYSE-listed Kronos Worldwide, Inc. a global manufacturer of titanium dioxide (TiO2) posted a positive net income, when compared with a net loss in the corresponding period of 2013.
Kronos Worldwide posted net income in second quarter ending June 30, 2014 of $33.1 million, or $.29 per share, compared to a net loss of $33.9 million in the second quarter of 2013.
Kronos attributed the improved results from operations in 2014, mainly to lower raw materials costs, partially offset by lower average TiO2 selling prices and sales volumes in 2014.
Net sales of $443.5 million in the second quarter of 2014 were $37.6 million, or 8%, lower than in the second quarter of 2013.
Kronos said its average TiO2 selling prices were 4% lower in the second quarter of 2014 as compared to the same prior year period.
It added that, TiO2 sales volumes in the second quarter were approximately 8% lower than in the comparable period of 2013, due to lower sales primarily in certain export and European markets.
Fluctuations in currency exchange rates also played a positive impact on net sales, increasing it by approximately $13 million in the second quarter of 2014.
Kronos reported that TiO2 segment profit improved to $47.1 million as compared to a segment loss of $44.1 million in the second quarter of 2013 from effects of lower raw materials and other production costs, lower average TiO2 selling prices and sales volumes and higher production volumes.
Kronos' TiO2 production volumes were 9% higher in the second quarter of 2014 as compared to the second quarter of 2013.
The income tax expense in the second quarter of 2014 includes an aggregate non-cash income tax benefit of $5.7 million or $.05 per share, related to a net reduction in its reserve for uncertain tax positions.
Middle East News
- Media Information: Autefa Solutions announces new agency for the Indian market
- Denimsandjeans India to discuss trend of unisex denim
- RBI keeps repo rate unchanged at 6%
- Maharashtra cabinet approves textile policy for 2018-23
- UAE has the lowest VAT regionally and globally
- Costs rise at sharpest pace for UAE’s private sector businesses
- Budget 2018-19: Customs duty on silk fabric hiked to 20%
- Reduction in tax for MSMEs to benefit TN textile firms
- Budget: TEA hails Rs 7148cr allocation for textile sector
- Indian textile industry hails budget with some scepticism
- Arvind Q3 revenue up 16% at Rs 2,706 crore
- Amazon infuses 1,950 cr fresh capital to India operations
- Indian brand Ekaya at Paris Haute Couture Week
- E-commerce platform for artisans in India's Kashmir
- SRTEPC honours RIL with 5 gold trophies
- Indian economy to grow at 7.3% in FY 2018-19: World Bank
- Wazir Advisors Introduction
- 10 Reasons to Invest in Textile Sector in India
- India’s Standing in Global Textile and Apparel Industry
- India: A Land of Opportunities
- Patterns, images and colors demanded in the Iranian carper markets
- CE certificate or sign on the carpet; Indicator of product quality or inaudible imprint of international clarification
- The classification of textile floorings In terms of fire-taking behavior according to the provisions of European Union
- Remain unknown the place of modern carpet design