EARNINGS : Profit Down 52%, Dow Reports
MIDLAND, Mich. — Dow Chemical Co. said today that its third-quarter profit dropped 52% despite increased sales, citing higher costs for petroleum--used as a raw material for its chemical products and as fuel to run its plants.
Dow said its net income dropped to $282 million, or $1.04 a share, for the three months ended Sept. 30, from $589 million, or $2.19 a share, for the third quarter of 1989.
The decline came although sales for the period rose to $4.92 billion from $4.25 billion a year earlier.
To delay the fuel cost impact, Dow increased prices 10% to 15% for products such as polystyrene plastic and polyethylene, a spokeswoman said.
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