By Liz White, UT staffThe Woodlands, Texas-Huntsman Corp. has reported record revenues for 2005 of $12 961.6 million, an increase of 13 percent compared to 2004.Menwhile, the group's adjusted earnings (EBITDA) for the fourth quarter of 2005 were $205.4 million, compared to $404.8 million for the same period in 2004. This figure was cut by an estimated $140.0 million of costs related to the US Gulf Coast storms, Huntsman said. For the fourth quarter 2005, Huntsman made a net loss of $61.0 million. In its results announcement, Huntsman said, "The company continues to evaluate available options for improving shareholder value," noting that this may include the sale and/or a spin-off of some of its base chemicals and polymers assets. In its polyurethanes business, revenue for the fourth quarter rose to $786.4 million, a $37.7-million rise over Q4 2004, "primarily due to higher average selling prices for MDI" (methylene diphenyldiisocyanate), said Huntsman's statement. Huntsman said average MDI selling prices increased by 8 percent-"a result of the combination of strong growth in higher-value applications, and in response to higher raw material and energy costs." Sales volumes for MDI rose 3 percent in Q4 2005, over Q4 2004. Selling prices for propylene oxide and average selling prices for the co-product MTBE (methyl-t-butyl ether) were also higher, Huntsman said, while volumes decreased due to a loss of production related to the Gulf Coast storms.The increase in EBITDA in polyurethanes was primarily the result of higher margins, said the chemicals and polymers group. Huntsman added that higher average selling prices and increased volume more than offset increases in raw material and energy costs and the hurricane effect. "We estimate the impact of the Gulf Coast storms to be approximately $25.9 million," for polyurethanes in Q4 2005, the group said. For the whole year, revenue in polyurethanes was $3396.3 million, a 20 percent rise over revenue for 2004. Describing Q4 as "extremely challenging," Peter Huntsman, president and CEO, said the hurricanes had a negative effect not only on the group's primary manufacturing facilities in the US Gulf Coast "but also the operations of many of our customers and suppliers."But Huntsman does not expect any continued impact from these storms in 2006, Peter Huntsman added, mentioning record levels reached by raw materials prices and energy costs during the quarter."We are optimistic about our outlook for 2006," he continued, pointing out that demand remains strong, raw material and energy prices have recently declined, while "capacity additions in most of our commodity businesses appear to be limited over the next several years." "As we have indicated in the past, we are frustrated with the valuations that the market appears to place on our differentiated businesses," the Huntsman ceo pointed out. Huntsman is evaluating opportunities to unlock this value, he said, and continues to review potential divestments, having just announced the sale of its butadiene business to sell to Texas Petrochemicals LP for $275 million. "This review may result in the decision to divest additional base chemicals and polymer assets and / or spin-off these segments," Peter Huntsman concluded. "