30 October 2008 08:07 [Source: ICIS news]
SINGAPORE (ICIS news)--Belgian chemical group Solvay has posted a 68% year-on-year decline in third-quarter net profits to €75m ($58.5m), hit by huge losses from its investments in Fortis bank, the company said on Thursday.?xml:namespace>
The company was hit by €256m in losses, reversing a €9m gain last year, those losses eclipsing the 4% rise in quarterly sales to €2.49bn, it added.
Solvay said its operating earnings in the three months to September were down 6%. Recurrent earnings before interest and tax (REBIT) for the period stood at €292m, from €309m a year earlier.
Solvay said operating results at its chemicals business slumped 19% year on year in the period to €71m and down a bigger 25% in the first nine months of the year to €206m.
“The operating results of Solvay group for the year 2008 will remain at a sustained level but will not reach the record results of the year 2007,” the company said.
Due to its near collapse, Fortis was partially nationalised by the Benelux governments last month, with the ?xml:namespace>
To discuss issues facing the chemicals industry visit ICIS connect
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.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections