05 May 2011 07:39 [Source: ICIS news]
SINGAPORE (ICIS)--Belgium’s Tessenderlo swung to a net profit of €30.1m ($44.9m) in the first quarter of 2011, from a loss of €5.1m in the same period a year earlier, supported by higher sales across all core businesses, the company said on Thursday.
Overall sales grew by 18.3% year on year to €670.9m in the first quarter, while recurring earnings before interest, tax, depreciation and amortisation (EBITDA) more than doubled to €65.8m, versus a gain of €32.5m in the same period a year earlier, the specialty chemicals producer said in a statement.
“Each operating segment made a positive contribution, reporting improved top line results as well as profitability,” the statement said.
In its outlook, the company said market conditions that prevailed in the first quarter, such as increasing demand in the agricultural sector and higher raw material costs in some segments, are expected to remain in place “in the coming months”.
“The group anticipates that the second quarter, which is traditionally the quarter contributing most to the full-year performance, will show further year-on-year growth of revenue and profitability,” it added.
Overall, Tessenderlo said that it expects a further improvement in revenue and profitability for the full year of 2011, as compared with 2010.
($1 = €0.67)
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