Belgium’s Umicore H2 net profit up at €123.7m on demand recovery

10 February 2011 09:00  [Source: ICIS news]

SINGAPORE (ICIS)--Belgian materials technology group Umicore said on Thursday its net profit for the second half of 2010 has nearly doubled to €123.7m ($169.5m) from €62.2m in the same period a year earlier, on a recovery in demand.

The company’s net profit, excluding discontinued operations, broke even for the June to December period of last year, as compared to a €1.1m loss during the same period in 2009, it said in a statement.

Meanwhile, turnover for the second half of 2010 rose by 41% year on year to €5.01bn, the company said.

The company’s net profit for the full year of 2010 more than tripled to €253.1m, versus a gain of €84.7m in 2009, it added.

“Umicore’s performance in 2010 rebounded significantly, driven by the recovery in demand in all business segments,” the company said.

The firm’s turnover in 2010 rose 40% year on year to €9.69bn.

Umicore expects further revenue and earnings growth in 2011, with demand to strengthen further for most of its businesses, the company said.

“Supply conditions for the various recycling activities are expected to remain highly supportive,” it added.

($1 = €0.73)

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By: Nurluqman Suratman

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