28 April 2011 10:31 [Source: ICIS news]
LONDON (ICIS)--Croda’s 2011 first-quarter pre-tax profit from continuing operations jumped 40.2% year on year to £60.7m ($101.2m, €68.2m), despite a drop in volumes, the UK speciality chemicals company said on Thursday.
Revenue from continuing operations for the three months ended 31 March rose by 13.2% to £277.9m compared with the same quarter last year. The group reported a 0.5% year-on-year drop in volumes for the period, the company added.
“I am pleased to report a strong start to 2011 with record sales and profits in both consumer care and industrial specialities with robust demand continuing across all major geographies,” said Martin Flower, Croda chairman.
“Overall volumes were slightly down as we continue to reposition our industrial specialities operations away from lower price/high volume products towards more speciality business,” he added.
Croda also said that average selling prices rose during the quarter as raw material costs increased in the market. Croda will implement further price increases in April, it added.
($1 = €0.68, €1 = £0.89)
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