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Letter to the Editor

DuPont Posts $213 Million Loss, Cuts Jobs

Wilmington, DE -- DuPont Co., the No. 1 U.S. chemical company, has announced a second-quarter loss and 1,500 more job cuts as it struggled with weak demand for its chemicals and plastics during the economic downturn.

DuPont cautioned that business would be even worse in the third-quarter with the economic slowdown spreading from the United States to Europe and Asia. The company warned its earnings for the third-quarter could fall 70 percent or more from a year ago, a much bigger drop than analysts had been expecting.

"Industries important to many of our customers -- electronics, automotive, textiles and chemicals -- have been particularly affected by the economic downturn," said Charles O. Holliday Jr., DuPont chairman and chief executive. "This has temporarily reduced fundamental demand for our products."

DuPont posted a net loss of $213 million for the second-quarter, compared with earnings of $688 million in the period a year ago.

Before one-time items, income fell 54 percent to $432 million, or 41 cents a share, from $949 million, or 90 cents a share, a year ago.

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