19 December 2006 14:21 [Source: ICIS news]
TORONTO (ICIS news)--Canada-based chemicals and resin makers saw sales increase by 10% to C$29bn ($25bn) in 2006, but operating profit fell by 7%, Canadian Chemical Producers Association said on Tuesday.
Export sales, which represent more than two-thirds of total industry sales, were up 6%, Ottawa-based CCPA said in a statement. Sales to US markets were also up by 6%, it added.
Industry operating profit before interest, taxes and special write-offs fell by 7% to C$1.7bn, partly the result of the strong Canadian dollar in relation to the US dollar and high energy costs.
For 2007, industry operating profit is expected to increase by 18%, to C$2bn, CCPA said.
The data and projections are based on Statistics Canada information for the first nine months of 2006.
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