Chemtrade Logistics Income Fund on November 12 reported a net loss of $48.3 million in the third quarter of 2020, deeper than a $0.2 million net loss in the same quarter in 2019. Revenue for the quarter also fell to $345.9 million, mostly due to lower sales volumes and selling prices of hydrochloric acid, caustic soda, regen, and merchant sulphuric acid. EBITDA for the July-September quarter stood at $64.7 million, lower than $90.0 million in the same quarter last year.
For the first nine months of 2020, Chemtrade’s revenue stood at $1.1 billion, falling from $1.2 billion in the same period a year earlier. EBITDA for the January-September period was $221.1 million, compared to $225.3 million a year earlier. Meanwhile, adjusted operating cash flow stood at $122.4 million, compared to $126.5 million a year earlier.
CEO Mark Davis said the COVID-19 pandemic continued to adversely impact the demand for some Chemtrade’s products. The company’s water business reported strong quarterly performance because the demand for its products was unaffected. Chemtrade expects demand for the adversely affected products to improve once the pandemic economic impact eases.
