ALBANY, N.Y. (March 16, 2009)-Momentive Performance Materials Inc. posted a net loss of $997.1 million on net sales of $2.64 billion for fiscal 2008, the company reported March 16.
The sales figure represented a 4-percent increase from the previous year. Sales for the silicones segment also rose 5.3 percent to $2.38 billion, the company said. Momentive's net loss for the year compared to a loss of $243.3 million in 2007.
Adjusted earnings before interest, taxes, depreciation and amortization also dropped 15.6 percent to $377.1 million, and the company posted an operating loss of $838.6 million.
President and CEO Jonathan Rich said Momentive experienced "dramatic and, in many ways, unprecedented declines in demand" for its products, negatively impacting its adjusted EBITDA.
However, despite the challenging market conditions, the company made important progress during the year increasing its specialties mix, achieving cost-saving targets and exceeding goals in working capital reductions, he said.