26 April 2011 23:52 [Source: ICIS news]
HOUSTON (ICIS)--Nalco’s first-quarter net profit jumped nearly five-fold to $117m (€81m) from $25m in the same period last year, propelled by gains on the sale of two non-core businesses, the US-based water treatment chemicals producer said on Tuesday.
First-quarter net earnings included an $84m after-tax gain on the sale of the businesses, Nalco said.
In January, Nalco sold its performance products group to US lubricant additives firm Lubrizol for $166m. The company also sold its NALFLEET marine chemicals unit for $41m to Norway’s Wilhemmsen Ships Service.
First-quarter sales jumped 11% to $1.1bn from the same period in 2010.
"[Looking forward], our growth investments are paying off with strong volume increases and record first-quarter sales,” said chairman and CEO Erik Fyrwald. “As pricing and further penetration of our high-value technologies and services continue to ramp up, margins will improve and drive solid EBITDA [earnings before interest, taxes, depreciation and amortisation] growth.”
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