31 October 2006 10:03 [Source: ICIS news]
LONDON (ICIS news)--Price increases and performance improvement measures led to a 54.7% increase to NKr116m ($18m/€14m) in profits from specialty chemicals maker Borregaard in the third quarter, parent group Orkla said on Tuesday.
Underlying growth in Borregaard sales was 14% to NKr1.20bn, the Norwegian groceries, aluminium and chemicals group said.
The pharma intermediates, lingo cellulose and energy businesses all reported improved results while profits from Borregaard ChemCell which makes specialty cellulose products were on a par with the similar period of last year.
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Higher prices helped lift Borregaard Lignotech profits. Pharmaceutical intermediates deliveries were high and helped Borregaard Ingredients & Pharma post higher profits.
Borregaard operating profits before amortisation for the first nine months of the year were NKr293m against NKr250m. Underlying sales growth for the period was 10%, Orkla said, taking the Borregaard revenues total to NKr3.42bn.
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