Dow profit nearly halves as pandemic weighs on demand

FILE PHOTO: The Dow logo is seen on a building in downtown Midland, Michigan, in this May 14, 2015 file photograph. REUTERS/Rebecca Cook/File Photo

(Reuters) – Dow Inc DOW.N reported a 44.6% drop in third-quarter profit on Thursday due to lower demand for its chemicals from consumer durables and construction industries reeling under a COVID-19-induced economic slowdown.

Net operating profit, which excludes certain items, fell to $376 million, or 50 cents per share, in the three months ended Sept. 30, from $679 million, or 91 cents per share, a year earlier.

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