UPDATE 1-Hexion swings to Q2 profit as revenues jump

* Net profit of $52 mln vs $56 mln loss yr ago

* Revenues rise 36 pct to $1.3 bln

NEW YORK, Aug 13 (BestGrowthStock) – Privately owned Hexion
Specialty Chemicals said it swung to a second-quarter profit (Read more your timing to make a profit.)
versus a year-ago loss as sales volumes and prices rose.

Net income was $52 million in the quarter versus a net loss
of $56 million a year ago as revenues jumped to $1.3 billion
from $956 million.

Lower expenses and an improved cost structure bolstered
profit, partially offset by the impact from foreign currency (Read more about trading foreign currency.,
the company said.

Sales volumes rose 30 percent from the prior-year period
and 8 percent from the first quarter, aided by a recovery in
Hexion’s base epoxy business.

“Despite the ongoing volatility in various leading economic
indicators, we remain optimistic that the recovery in volumes
will continue in 2010,” said Craig O. Morrison, Hexion’s
chairman and chief executive.

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

(Reporting by Matt Daily, editing by Dave Zimmerman)

UPDATE 1-Hexion swings to Q2 profit as revenues jump