23 February 2011 07:56 [Source: ICIS news]
Correction: In the ICIS story headlined "France's Rhodia Q4 net profit surges to €91m, sales rise 16%" dated 23 February 2011, please read in the first paragraph …the French polyamide and specialty chemicals producer said on Wednesday… instead of …the French polyamide and specialty chemicals producer said on Tuesday…. A corrected story follows.
SINGAPORE (ICIS)--Rhodia’s net profit surged to €91m ($124.7m) in the fourth quarter of 2010 from €28m in the previously corresponding period, with sales rising 16% year on year, the French polyamide and specialty chemicals producer said on Wednesday.
Fourth-quarter 2010 sales totalled €1.36bn, while operating profit jumped 39% to €165m, the company said in a statement.
“Business dynamics remained favourable in the fourth quarter,” it said.
Meanwhile, recurring earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4.7% year on year to €223m in the December quarter, after effective price management on higher raw material prices generated a net price impact of €24m, the firm said.
For the full year of 2010, Rhodia said its net profit was €259m, a reversal of a €132m loss in 2009, as sales increased 21% to €5.23bn, driven by strong demand across business segments.
Recurring EBITDA for the full year, meanwhile, jumped 77% year on year to €905m, driven partly by stronger prices, it said.
“Heading into 2011, global economic conditions and business momentum remain favourable,” said Rhodia’s chairman and CEO Jean-Pierre Clamadieu.
“We expect to improve our 2011 EBITDA by 5-10%, well in line with our 2013-2015 ambition,” he added.
($1 = €0.73)
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