Sydsvenska Kemi posts H1 operating profits of SKr120m

30 August 2001 17:32  [Source: ICIS news]

LONDON (CNI)--Sydsvenska Kemi, the Nordic specialty chemicals company backed by venture capitalist Industri Kapital, recorded on Thursday pro-forma first half operating profits of SKr120m ($12m/Euro13m) on sales of SKr3.60bn.

In its first ever consolidated results statement, Sydsvenska Kemi said it made a pre-tax loss of SKr136m after net financial items of SKr256m. The items include costs of SKr155m related to the acquisition of Swedish chemicals group Perstorp and Finnish chemicals firm Neste Oxo.

Sales from the chemical operations of former Perstorp Group increased 13% to SKr2.88bn, and sales from Neste Oxo Group rose 9% to SKr835m.

Sydsvenska Kemi said the general business climate deteriorated relatively quickly in the first half of the year, leading to reduced demand for products such as polyols and resins. This trend was particularly noticeable in the American market, which affected order bookings and production volumes in the chemical sector, and in Germany where the construction market deteriorated. However, there was a favourable trend for Neste Oxo's specialty products.

By: Russell Ong
+44 208 652 3214

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