Celanese plans spending cuts even as Q3 profit doubles

10/27/2009 | Forbes

Aided by a one-time tax benefit, chemical producer Celanese doubled its third-quarter profits despite a decline in operational income caused by low sales prices and volumes. The company reported quarterly earnings of $396 million compared with $155 million during the same period in 2008. Its revenue, however, declined 28%, to $1.3 billion, from last year's $1.82 billion.

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