MIDLAND, Mich._Dow Chemical says revenues are slid in the third quarter and the company that makes the basic ingredients for everything from toys to cars is not counting on better conditions this year or next.

The company is selling assets and slashing costs, which did allow Dow to increase net income sharply during the past three months.

Dow Chemical Co., of Midland, Mich., says profit grew to $711 million, or 63 cents per share, compared with $428 million, or 46 cents per share a year ago. Excluding one-time benefits and losses, Dow earned 24 cents per share. Revenue fell 22 percent, to $12 billion from $15.4 billion.

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