DOW CHEMICAL POSTS LOSS OF $92 MILLION IN QUARTER

DOW CHEMICAL POSTS LOSS OF $92 MILLION IN QUARTER

Dow Chemical Co. Thursday reported a fourth-quarter loss of $92 million, or 35 cents a share, compared with 1990's gain of $274 million, or $1.01.

The fourth-quarter 1991 figures included a special pre-tax charge of $370 million, reflecting asset write-offs and writedowns that followed Dow's decision to shut down or divest a number of its facilities and business activities.Fourth-quarter sales reached $4.6 billion, down 11 percent from the 1990 level of $5.1 billion.

For 1991, the chemical company reported a 32 percent drop in net income to $942 million, or $3.46 a share, compared with 1990's $1.4 billion, or $5.10. Sales in 1991 fell 5 percent to $18.8 billion from a record $19.8 billion in 1990, the Midland, Mich., company said.

Last year's declines in sales and earnings reflected a global economic slowdown, weak industry fundamentals and the special fourth-quarter charge, it said.

"We expect to see a resumption in our growth during 1992 and a return to positive earnings momentum in the second half of the year when global economies are expected to resume growth," said Dow's president, Frank Popoff.