22 July 2008 14:11 [Source: ICIS news]
TORONTO (ICIS news)--US specialty chemicals and catalyst producer Albemarle managed to increase its profit during the second quarter despite sharp raw material cost inflation and lower consolidated volumes, JP Morgan said on Tuesday.
“Its [Albemarle's] method was management of debt financing costs, other income growth, a reduced tax rate and fewer outstanding shares,” JP Morgan said in a research note to clients.
Net sales for the three months ended 30 June rose 10.1% to $620.8m year on year.
During the quarter the company claimed $45m in higher costs while price increases added approximately $56m to revenues, JP Morgan said.
Volume growth seemed to be more of an issue than pricing during the quarter, JP Morgan said.
($1 = €0.63)
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