US Albemarle reports higher Q2 operating profit

24 July 2007 23:35  [Source: ICIS news]

HOUSTON (ICIS news)--Albemarle reported on Tuesday that operating profits were $74m (€53m) in the second quarter, up from $58m reported during the same time last year.

Net income reached $54m, up from $43.3m reported during the same time last year. Net sales were $564m during the quarter, down from $569m reported during the second quarter of 2006.

Among the company's divisions, second-quarter net sales in polymer additives were $224m, a slight decrease from 2006. Sales dropped because of reduced volumes in tetrabrom, a fire retardant, the company said.

Catalyst net sales reached $207m, up 7% from the same time last year. Albemarle attributed the increase to improved pricing for FCC refinery catalysts and higher pricing and volumes for its polyolefin catalysts. The gains were partially offset by lower volumes for the company's HPC refinery catalysts.

Second-quarter net sales for fine chemicals were $132m, down 9% from the same time last year. Nearly all of the drop was due to Albemarle divesting its plant in Thann, France.

($1 = €0.72)

By: Al Greenwood
+1 713 525 2645

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