UPDATE 1-Hexion Specialty Chemicals posts Q1 loss

* Q1 loss of $7 mln vs. year-ago profit $117 mln

* Revenue up 28 percent

* Volumes up 25 percent

NEW YORK, May 12 (BestGrowthStock) – Privately held Hexion
Specialty Chemicals posted a first-quarter loss on Wednesday,
though revenue and demand for its products jumped.

The company reported a net loss of $7 million compared with
net income of $117 million for the same period last year, which
included a large gain from early debt repayment.

Revenue rose 28 percent to $1.17 billion, while volume rose
25 percent.

“We remain optimistic that the gradual recovery in volumes
will continue in 2010,” Chief Executive Craig O. Morrison said.
“However, we believe the extent of the economic recovery is
likely to vary significantly by industry sector and
geographical region.”

Hexion is owned by Apollo Management LP, a private equity
firm that also owns the Harrah’s casino chain and Norwegian
Cruise Lines.

Stock Market Research
(Reporting by Ernest Scheyder, editing by Gerald E.
McCormick)

UPDATE 1-Hexion Specialty Chemicals posts Q1 loss