France's Rhodia Q3 net profit quadruples on strong sales

04 November 2010 06:55  [Source: ICIS news]

SINGAPORE (ICIS)--French specialty chemicals maker Rhodia said on Thursday it posted a quadruple increase in its third-quarter net profit to €56m ($78.9m) on the back of strong sales.

Sales for the three-month period jumped 30.6% year on year to €1.36bn, with sales volumes up 10%, the company said in a statement.

Rhodia said its recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 35.1% year on year to €235m, partly due to better prices.

At constant scope and currency conversion basis, the September-quarter sales and recurring EBITDA were up 21% and 25%, respectively, the company said.

“For the full year 2010 we expect to post record profitability, providing a solid foundation for our growth ambition,” said Rhodia chairman and CEO Jean-Pierre Clamadieu.

 “The markets we serve continue to display favorable dynamics, giving us confidence as we approach 2011,” he added.

For the first nine months of the year, Rhodia swung into a net profit of €170m from a loss of €160m in the same period last year. Sales for the January-to-September 2010 period were up 31% year on year at €3.87bn, Rhodia said.

($1 = €0.71)

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By: Nurluqman Suratman

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