Albemarle Q2 profits rise on sales, income tax refund

23 July 2003 14:39  [Source: ICIS news]

HOUSTON (CNI)--Specialty chemicals producer Albemarle said Wednesday 2003 second quarter net income rose 9% to $22.6m (Euro19.8m) on higher sales and an income tax refund.

For the three-month period ended 30 June, Richmond, Virginia-based Albemarle reported earnings/share (eps) of 54 cents, up from 48 cents in the 2002 second quarter.

Sales rose 6.6% to $269.5m.

The company's 2003 second quarter results included an income tax refund of $11.1m and a release of $6.6m from tax reserves.

Mark Rohr, Albemarle president and chief executive, said the company was pleased with its second quarter performance "despite the difficult economic environment in which we operate."

He added: "We have programs in place to improve profit margins and help offset higher raw material and energy costs. Our underlying performance was enhanced by our efforts to grow through new business development, recent acquisitions and good fixed cost control."

Albemarle is a leading producer of specialty chemicals.

By: Mike Sheridan
+1 713 525 2653

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