France’s Rhodia swings to €43m Q2 net profit

30 July 2010 07:23  [Source: ICIS news]

SINGAPORE (ICIS)--French specialty chemicals maker Rhodia said on Friday that it swung to a net profit of €43m ($57m) in the second quarter of 2010 from a loss of €40m in the same period last year on the back of robust sales.

Sales for the three-month period jumped 34.8% year on year to €1.33bn, with sales volumes up 16%, the company said in a statement.

The company said its recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled to €226m during the quarter, citing a positive contribution of €66m from "strong pricing power".

Rhodia chairman and CEO Jean-Pierre Clamadieu said: “Our second-quarter performance confirms Rhodia’s ability to generate more than €200m of recurring EBITDA per quarter, demonstrating a step-up in profitability.

"We are confident this level will remain a reference point in the forthcoming quarters,” he said.

($1 = €0.76)

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By: Pearl Bantillo
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