21 July 2008 13:27 [Source: ICIS news]
MUMBAI (ICIS news)--US-based Albemarle has posted a 14.5% year-on-year rise in its second-quarter net income to $61.6m from $53.9m on robust sales in polymer additives and a strong performance in catalysts and fine chemicals, the firm said on Monday.
For the period ended 30 June, the specialty chemicals maker's operating profits rose 4.8% to $77.8m from $74.3m, while net sales rose 10.1% to $620.8m from $563.8m, added.
“While we are facing very tough inflationary pressures of more than $45m this quarter our businesses have been able to respond and manage margins and profitability very well,” said CEO Mark C Rohr.
For the first six months, the firm’s operating profits rose to $161.6m from $155.9m, while its net profit rose 11.6% to $125m from $112m and net sales were up 11.8% to $1.3bn from $1.1bn, the firm said.
For the second quarter, the firm’s polymer additives business achieved record net sales of $260.5m, up 16% from $224m in the same period last year, and its fine chemical business net sales were up 14.7% to $151.9m to $132.4m on higher volumes.
Catalyst business net sales rose slightly to $208.4m from $207.4m on improved pricing in its fluid catalytic cracker products, the firm said.
“Margin compression due to the rampant input cost inflation has been the most challenging issue facing our businesses and remains our most important area of focus for the remainder of 2008,” the firm added.
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