Plastics boost for Solvay but Q2 net falls 32% on pharma sale

29 July 2010 08:27  [Source: ICIS news]

LONDON (ICIS)--Solvay's second quarter profits from its continuing chemicals and plastics operations improved markedly while the group reported a 32% fall in net income to $57m following the sale of its pharma business, it said on Thursday.

Recurring operating profits (REBIT - recurring earnings before interest and tax) for the continuing operations in the quarter were €183m compared with €63m in the second quarter of 2009 and €115m in the first quarter of 2010.

Chemicals REBIT were 11% higher at €80m while plastics earnings shot to €114m from just €8m in the prior year period although vinyls margins in Europe and the Mercosur region were under pressure.

Chemicals sales were up 12% at €762m and plastics sales up 50% at €1.09bn with a significant increase in sales volumes of speciality polymers, Solvay said.

($1 = €0.77)

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By: Nigel Davis
+44 20 8652 3214

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