New York : Dow Corning Corp., a U.S. leading company on silicon-based technology, reported Friday strong profit in the second quarter.
It reported consolidated adjusted net income of 176.7 million dollars for the second quarter of 2007, an increase of 26 percent from adjusted net income of 140.7 million dollars reported in the same quarter of 2006.
For the first half of 2007, adjusted net income was 360.3 million dollars, an increase of 29 percent from adjusted net income of 278.7 million dollars reported in the first half of last year.
Sales were 1.23 billion dollars in the second quarter of 2007, 16 percent higher than sales of 1.06 billion dollars in the same quarter of 2006.
Sales in the first half of 2007 were 2.41 billion dollars, 15 percent higher than sales of 2.09 billion dollars reported in the first half of 2006.
"Dow Corning had an outstanding second quarter, highlighted by the announcement of a $1 billion investment by our joint venture, Hemlock Semiconductor Corporation, for additional capacity to develop ultra pure silicon for the solar and semiconductor industries," said Dow Corning's Vice President and Chief Financial Officer J. Donald Sheets.
"We continue to strengthen our silicone technology leadership by delivering innovative products and solutions while serving customers in new geographies, such as China, India, Malaysia, Russia, Turkey and Vietnam," he added.
Dow Corning is equally owned by the Dow Chemical Company and Corning Incorporated. More than half of Dow Corning's annual sales are outside the United States.