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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