Fiber earnings begin to show new life - Chemical & Engineering News

The apparent bad earnings news in the first quarter from two top U.S. fiber producers is not as bad as it looks. ... Du Pont's earnings per share for ...
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inland. Reserve Mining said that the state's recommendation was eco­ nomically unfeasible, and that it would close down the taconite oper­ ation if it didn't get the permits. In January a special three-judge state court ruled that the agencies acted illegally in denying the permit; it was that ruling that the state Supreme Court affirmed. D

Hawaii work may lead to malaria vaccine Researchers at the University of Ha­ waii have successfully immunized monkeys against the deadliest form of human malaria, an important ad­ vance in developing a human malaria vaccine. Dr. Wasim A. Siddiqui of the University of Hawaii's school of medicine prepared an experimental vaccine from a culture of the malaria parasite transmitted by the anopheles mosquito. Siddiqui's antigen is effective against the human malaria parasite Plasmodium falciparum. He ad­ ministered the antigen twice at three-week intervals to each of three aotus monkeys. Three weeks later, these monkeys and two controls that had received no antigen treatment were challenged with P. falciparum parasites. Both of the control mon­ keys died within 13 days of injection with the malaria parasites. All three of the immunized monkeys are still alive and showed no detectable signs of parasite invasion one month after they were treated. There is at present no vaccine against malaria. Instead, the disease is treated and controlled by destroy­ ing the mosquitoes that carry the parasite to man and by using antimalaria drugs. But malaria cases have been increasing in some countries in recent years as more of the mosquito carriers become resistant to pesti­ cides, and the parasites themselves develop resistance to antimalaria drugs. The Agency for International Development, which supported Sid­ diqui's work, estimates there are about 125 million cases of malaria a year now, including 90 million cases a year in tropical Africa, where about 1 million children die of the disease each year. AID is the primary coor­ dinator of international research on malaria immunization. It currently supports seven projects, including the one at the University of Hawaii. Dr. Miloslav Rechcigl, chief of re­ search at AID, calls the monkey im­ munization a breakthrough in the development of a malaria vaccine for humans, but he cautions that there is still much work that needs to be done.

"This experiment demonstrated that it can be done," he says. "Now we need to focus on the engineering and safety aspects" of developing a fullscale vaccine. For instance, the adju­ vant used to enhance the effective­ ness of the antigen in the monkey experiments is not one that can be used safely in humans, so another adjuvant must be developed. Siddiqui's success comes about a year after another major advance in the development of a malaria vaccine for humans, also coming out of the AID-sponsored research. This was the development by Dr. William Trager of Rockefeller University of a method of culturing the human malaria par­ asite, P. falciparum, using human blood as the growth medium. To­ gether, these two findings give re­ searchers an effective animal model that can be used to further develop a vaccine, Rechcigl explains, greatly speeding up development. D

Fiber earnings begin to show new life The apparent bad earnings news in the first quarter from two top U.S. fiber producers is not as bad as it looks. Underneath, the potentially huge profits engine in fibers seems to be turning over at long last. Du Pont's earnings per share for first-quarter 1977 fell about 14% from levels for the same period in 1976, says chairman Irving S. Shapiro. Earnings for first-quarter 1977 were $2.40 per share on record sales of $2.3 billion. During the first quarter of 1976, they were $2.80 per share. They still are about 28% above fourth-quarter 1976 earnings. Shapiro told Du Pont's annual meeting. "Al­ though the results for January and February suffered from the severe winter weather, March came on strong and the first quarter turned out to be a distinct improvement over the closing quarter of last year." He indicates that he is encouraged by an improvement in the company's man-made fibers business. After an operating loss since the middle of last year, fibers took a clear upturn and finished the quarter with a nominal profit, he says. Celanese reports first-quarter earnings that are down sharply from levels of one year ago. John D. McComber, president and chief op­ erating officer, told the company's annual meeting in Charlotte, N.C., that earnings were 74 cents a share for first-quarter 1977, compared to $1.67 per share for first-quarter 1976. The low earnings for this year's first quarter are a continuation of weak

Shapiro: a distinct improvement

earnings for the third and fourth quarters of 1976—83 cents and 62 cents per share, respectively. Total sales were 3% lower than in firstquarter 1976, down from $562 million to $546 million. However, net income was down 54% from $24 million to $11 million. The fibers group was considerably weaker than a year ago with polyes­ ter/nylon earning 10 cents as against 42 cents last year, and cellulosics earning 7 cents this year compared to 31 cents the first quarter of last year. Non-U.S. fibers lost 42 cents per share for the first quarter in 1977. Last year's first quarter saw it break even. This brought the total fibers group to a 15-cent loss compared with a 73-cent gain for the corresponding period in 1976. McComber told the meeting that the company is seeing a turnaround despite the poor earnings showing for this quarter. A full two thirds of the earnings were generated in March and he is expecting upward trends to continue. Π

Soviet dissidents plan international seminar If all goes according to plan, more than 20 noted scientists from the U.S., Canada, France, and Sweden, and some 50 to 60 Soviet scientists— including Nobel Laureates George Wald of the U.S., Alfred Kastler of France, and Andrei Sakharov of the U.S.S.R.—will gather this week in a cramped private apartment in Mos­ cow for a highly unusual international scientific seminar. The seminar, to be held April 18 to 21, is described by its organizers as an attempt to help break the scientific isolation of dissident Soviet scientists, including both "refuseniks"—Jewish scientists refused permission to emi­ grate—and human rights activists. Entitled "The Many Body Problem April 18, 1977 C&EN

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