24 February 2011 07:18 [Source: ICIS news]
Group revenue rose 18.9% year on year to €610.4m in the fourth quarter, while recurring earnings before interest, tax, depreciation and amortisation (EBITDA) more than tripled to €40.5m from €11.6m in the same period a year earlier, it said in a statement.
For the full year of 2010, the company swung to a net profit of €20.3m, versus a loss of €166.7m in 2009, on the back of better operating results, the company said.
Sales rose 15.9% year on year to €2.43bn in 2010, while recurring EBITDA nearly tripled to €175.6m, from €63.4m in 2009.
“Cost control remained in place during the year, and combined with the revenue gains, contributed to material improvements in group recurring EBITDA,” the statement said.
In its outlook, the company said that its revenue and profitability were expected to increase in 2011.
“The group will continue to manage costs strongly and pursue cost reduction opportunities,” it added.
Three key projects previously announced would also be completed in the second half of the year, Tessenderlo said.
The firm’s gelatin business would be opening its first site in
Tessenderlo’s compounds business would also bring its first site in
($1 = €0.73)
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