US Rockwood Q4 net profit up to $109.6m on tax benefit, sales

16 February 2011 14:13  [Source: ICIS news]

TORONTO (ICIS)--Rockwood Holdings' 2010 fourth-quarter net income soared to $109.6m (€81.1m), from $10.8m in the 2009 fourth quarter, boosted by a $76.5m tax benefit related to a divestment, the US-based specialty chemicals firm said on Wednesday.

Rockwood's income from continuing operations before taxes for the three months ending on 31 December doubled to $36.7m as sales rose 8.2% to $798.3m, from $737.7m in the 2009 fourth quarter. Gross profit rose 9% year on year to $250.0m.

CEO Seifi Ghasemi said with the exception of business driven by demand in US construction, all of Rockwood’s business units recorded strong sales and underlying profit growth during the quarter.

“I am particularly pleased that our strong volume growth, improved mix and continued focus on cost improvements resulted in our margin on continuing operations increasing to 19.9% from 18.4%,” he added.

The tax benefit related to the sale of Rockwood’s AlphaGary plastic compounding business.

Full-year 2010 net income was $239.4m, compared with $21.1m in 2009. Full-year 2010 sales rose 15.3% to $3.2bn.

($1 = €0.74)

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By: Stefan Baumgarten
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