28 April 2010 07:53 [Source: ICIS news]
SINGAPORE (ICIS news)--Rhodia swung to a net profit of €69m ($91m) for the first quarter of 2010 from a net loss of €135m in the same period a year earlier, partly due to improvement in demand and prices, the French specialty chemical maker said on Wednesday.
In the first quarter, net revenue climbed 23% to €1.18bn year on year, as sales volumes jumped 25%, the company said in a statement.
Rhodia's recurring earnings before interests, taxes, depreciation and amortisation (EBITDA) stood at €221m in the first quarter, coming from a €4m loss in the same period a year earlier.
“Rhodia posted a record performance in the first quarter, driven by volume recovery and strong pricing power,” said company chairman and CEO Jean-Pierre Clamadieu.
“We continued to generate a significant amount of cash flow and further reduced our debt to its lowest level ever,” Clamadieu added.
Looking ahead, Clamadieu said the company expects full-year recurring EBITDA to be around 50% higher €70m recorded in 2009.
“The upward trend in raw material and energy costs is expected to continue. In this environment, Rhodia will maintain its focus on operational discipline and cash generation,” he added.
($1 = €0.76)
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