THE WOODLANDS, TX – Chemical maker Huntsman Corp. said fourth-quarter earnings were $2.2 million, down 97% year-over-year.

Earnings plunged on costs related to several business sales, the company said.

One-time charges included a $143.4 million pretax loss on the sale of Huntsman's U.S. base chemicals business, a $4 million pretax loss on the sale of its U.S. polymers business, and $5.4 million pretax gain on the sale of its European petrochemicals business. In the year-ago period, the company took a $21.6 million pretax loss related to the sale of its European petrochemicals business.

Revenue rose to $2.5 billion, an increase of 17% year-over-year. Huntsman said higher prices and volumes in its polyurethanes, performance products and pigments segments drove sales.

For the full year, the company posted a loss of $172.2 million compared with a year-ago profit of $229.8 million. Revenue rose 11% to $9.65 billion.