Dow Chemical Company posted a second-quarter loss on Thursday, as sales slumped and the company took large charges to revamp its operations.

The company reported a net loss of $435 million, or 47 cents per share, compared with a profit of $24 million, or 3 cents per share, in the year-ago period.

Excluding one-time items and discontinued operations, the company reported a profit of 5 cents per share.

Sales fell 31 per cent to $11.3 billion.

Separately, Dow said Thursday it will sell some operations in Malaysia to Petronas for $660 million.-Reuters