April 27, 2017 / 10:53 AM / 7 months ago

Dow Chemical reports five-fold jump in profit

April 27 (Reuters) - Seeds and chemical maker Dow Chemical Co, which is merging with DuPont, reported a much bigger quarterly profit from a year earlier, when the company recorded charges of $824 million.

Net income available to the company’s shareholders rose to $888 million, or 72 cents per share, in the first quarter ended March 31 from $169 million, or 15 cents per share, a year earlier.

The latest quarter included a $386 million charge, primarily from an arbitration related to its agrosciences business.

The year-earlier charges included $778 million related to the settlement of a 2005 lawsuit that accused Dow and other companies of conspiring to fix prices of urethane chemicals in the preceding six years.

Net sales rose 23.6 percent to $13.23 billion in the latest quarter.

Reporting by Swetha Gopinath and Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila

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