23 February 2010 08:30 [Source: ICIS news]
SINGAPORE (ICIS news)--UK-based Elementis swung to a net loss of £37m ($56.9m, €41.5m) in the full year of 2009 from a profit of £19.8m recorded in 2008, as revenues slumped in the first half due to the economic downturn, the specialty chemicals producer said on Tuesday.
Elementis’ operating profits for the full year declined 55% year on year to £23.4m, as sales fell 9.2% to £363.7m, the company said in a statement.
“The second half (of the year) exhibited an improvement in operating profit and margins as customer destocking abated and the actions taken to reduce costs began to take effect,” said Elementis chief executive David Dutro.
“As a result, the second-half operating profit represented 75% of the full-year outcome,” Dutro added.
Meanwhile, the firm’s specialty products business had a 42.8% decline in operating profits to £18.4m, while revenue dropped 7.5% to £194.6m on lower sales volumes, the company said.
Operating profit at its surfactants operations, meanwhile, was £100,000, while its chromium division had a £10.5m profit last year, Elementis said.
($1 = £0.65 / $1 = €0.73)
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