Synthos Q3 net profit rises nearly three-fold to Zl 141.7m

15 November 2010 17:47  [Source: ICIS news]

PRAGUE (ICIS)--Synthos posted a third-quarter net profit of zlotych (Zl) 141.7m ($49.2m, €35.9m), up nearly three-fold from the Zl 48.4m reported in the same quarter last year, as tyre producers switched away from natural rubber, the Poland-based company said on Monday.

Revenues at Europe’s second-largest synthetic rubber producer climbed to Zl 1.05bn from Zl 696.3m, while operating profit rose from Zl 44.1m last year to Zl 164.7m, Synthos said.

Producers such as Synthos said they have capitalised on a supply squeeze that has driven up prices of natural rubber and made synthetic rubber more cost competitive since severe droughts in Asia affected the region’s natural rubber harvests earlier this year.

Investment bank Wood & Company, which estimated that Synthos’s third-quarter net profit would come in at Zl 127m, said the company was performing notably well in the styrene butadiene rubber market segment.

($1 = Zl 2.88, €1 = Zl 3.95)

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By: Will Conroy
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