WR Grace Q3 net profit up 23.6% at $54.9m despite lower sales

21 October 2010 12:48  [Source: ICIS news]

LONDON (ICIS)--WR Grace's third-quarter net profit rose by 23.6% year on year to $54.9m (€39.5m) on lower costs and stronger emerging market performance despite weaker overall sales, the specialty and construction chemicals maker said on Thursday.

The company is operating under US Chapter 11 bankruptcy protection.

Third-quarter sales were down 9.5% at $682.1m on lower volumes, the company said, although the prior-year quarter included sales of $72.4m from a divested business.

In the latest quarter, sales of refinery catalysts and additives were down 3.0% and construction chemicals down 4.6% but sales were higher for specialised catalysts and engineered materials such as coatings and sealants.

Grace said that its sales in emerging markets, which accounted for 33.6% of the total, were 9.5% higher

Adjusted earnings before interest and tax (EBIT), which exclude charges related to asbestos litigation claims, Chapter 11 and other costs, were 14.3% higher at $91.4 million.

($1 = €0.72)

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By: Nigel Davis
+44 20 8652 3214

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