22 March 2011 17:48 [Source: ICIS news]
PRAGUE (ICIS)--Synthos's net profit for the fourth quarter of 2010 surged 248% year on year to zlotych 129m ($45.6m, €32.0m) on strengthening sales of synthetic rubber, the Polish company said on Tuesday.
Sales grew by 80% to Zl 614m, driven by the rallying price of styrene butadiene rubber (SBR), Europe's second-largest synthetic rubber producer added.
"The synthetic rubber segment remained the main driver of the year-on-year improvement in the results and delivered 60% of the group's sales and 72% of the company's earnings before interest and tax (EBIT)," investment bank Wood & Company said in an investment note on the results.
"The EBIT margin improved to 18.2% from 7.0% in 4Q09, but was lower than the record high of 24.9% recorded in 3Q10," the bank added.
Synthos's sales of styrenes were flat year on year at Zl 262m, with the segment's EBIT margin of 5.4% significantly lower than the 10% recorded in the fourth quarter of 2009, the company said.
($1 = Zl 2.83, €1 = Zl 4.03)
For more on SBR visit ICIS chemical intelligence
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections