Belgium's Solvay Q4 net profit slumps 92%, sales down 25%

17 February 2011 07:49  [Source: ICIS news]

SINGAPORE (ICIS)--Belgian producer Solvay’s net profit in the fourth quarter slumped 92% year on year to €16m ($21.6m) as sales fell 25% to €1.65bn, the company said on Thursday.

The company’s earnings before interest and taxes (EBIT), meanwhile, fell 77% year on year to €66m in the fourth quarter, Solvay said in a statement.

However, net profit for the full year of 2010 rose more than threefold to €1.82bn from €553m in 2009, despite 16% decline in sales to €7.11bn, it said.

The company’s 2010 net profit included €1.7bn divestment gain from the sale of its pharmaceutical business and gains from the sale of Solvay's stake in Inergy Automotive Systems, the company said.

Chemicals sales increased 11% to €3.01bn in 2010 while plastics sales rose 27% to €3.78bn, Solvay said.

($1 = €0.74)

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By: Nurluqman Suratman

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