UK's Croda Q4 pre-tax profit jumps 54.3% on lower borrowing costs

22 February 2011 08:13  [Source: ICIS news]

SINGAPORE (ICIS)--UK’s specialty chemicals firm Croda said on Tuesday its pre-tax profit in the fourth quarter jumped 54.3% year on year to pounds (£) 48.9m ($78.9m, €58.2m) as sales increased 13.1% to £237.4m.

Lower borrowing costs helped boost earnings, the company said in a statement.

Its industrial specialties and consumer care segments recorded better returns in the December 2010 quarter compared to the previous corresponding period, partly due to "tight control on costs", Croda said.

Operating profit for industrial specialties surged 87.5% to £16.5m, while earnings at the consumer care business increased 25.6% to £32.9m, it said.

For the whole of 2010, Croda said that its net profit surged by more than fivefold to a record £131m on the back of a 21% increase in sales to an all-time high of £1.0bn.

"Demand was strong in all business areas within both [industrial specialties and customer care] sectors and across all major geographies," the company said.

Pre-tax profit more than doubled to £192.3m from £90.8m in 2009, while, operating profit last year nearly doubled to £198.6m from £104.3m, it said in a statement.

"2011 has started well and we expect to report further progress in the current year," Croda said.

($1 = £0.62 / €1 = £0.84)

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By: Pearl Bantillo
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