France’s Rhodia Q1 net profit soars to €151m on strong prices

05 May 2011 07:04  [Source: ICIS news]

SINGAPORE (ICIS)--Rhodia first-quarter 2011 net profit more than doubled to €151m ($225m) from €69m over the corresponding period of last year, on strong demand and higher prices of its products, the French polyamide and specialty chemicals producer said on Thursday.

First quarter 2011 net sales jumped 28% to €1.5bn from €1.18bn in the first quarter of 2010, the statement said.

"Our pricing power, differentiated geographic positions and recent acquisitions all contributed effectively to the quarter strong momentum," Jean-Pierre Clamadieu, Chairman & CEO of Rhodia said in the statement.

Recurring earnings before interest, tax, depreciation and amortisation (EBITDA) rose 28% to €283 million, it added.

"Anticipating sound business conditions to continue, we now expect our full year EBITDA to exceed €1bn, on track with our mid-term ambition," Clamadieu said.

($1 = €0.67)

By: Tahir Ikram
+65 6780 4359

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