Zotefoams H1 net profit up 25% on strong sales

05 August 2008 09:21  [Source: ICIS news]

SINGAPORE (ICIS news)--UK-based Zotefoams has posted a 25% year-on-year increase in its first-half net profits to ₤2.03m ($3.98m/ €2.6m) from ₤1.62m on strong sales across markets, the company said on Tuesday.

"During the period, we experienced good sales growth in all of our major geographic markets despite, in some cases, adverse market conditions particularly in the automotive and construction segments," said Zotefoams chairman Nigel Howard.

Consolidated group revenue for the period stood at ₤18.1m, representing an approximate growth of 16% over last year’s numbers while operating profits rose 49% to ₤2.74m.

"The cost of low density polyethylene, increased significantly above the levels experienced in 2007 as a result of a combination of price increases and the adverse Euro exchange rate," said Howard adding that these hikes has accounted for a 27% increase in the cost of raw materials.

($1 = ₤0.51 / €1 = ₤0.79)

To discuss issues facing the chemical industry go to ICIS connect

By: Bohan Loh
+65 6780 4359

< previous article(ICIS Chemical Business podcast November 2, 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly