Rhodia posts Q4 ’08 loss on poor sales volume

25 February 2009 09:12  [Source: ICIS news]

SINGAPORE (ICIS news)--European specialty chemicals firm Rhodia Group reported on Wednesday a fourth quarter net loss of €28m ($35.9 m) due to substantial declines in end-market demand.

Net sales for the quarter slightly fell to €1.13bn from €1.19bn in the same period a year earlier while operating profit slumped 83% year-on-year to €14m.

“With the ongoing uncertainty in the business outlook and persistent depressed volumes, we are exercising financial discipline and focusing on cash generation,” said Jean-Pierre Clamadieu, chairman and CEO of Rhodia.

“We are also implementing new structural cost-cutting measures to save €150m by 2011, thus improving our competitive position,” he added.

For the full year, Rhodia’s operating profit fell 19% to €309m, with sales up 2.9% to €4.76bn.

(1 =  €0.78)

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By: Terence Teo
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