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 ?xml:namespace>
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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections