05 May 2011 11:15 [Source: ICIS news]
(Adds details on Rhodia's acquisitions, Solvay's bid to acquire Rhodia and the company's outlook.)
SINGAPORE (ICIS)--Rhodia’s first-quarter net profit more than doubled to €151m ($225m), up from €69m in the same period last year, as a result of strong demand and higher product prices, the France-based polyamide and specialty chemicals producer said on Thursday.
“Our pricing power, differentiated geographic positions and recent acquisitions all contributed effectively to the quarter’s strong momentum,” chairman and CEO Jean-Pierre Clamadieu said in a statement.
Recurring earnings before interest, tax, depreciation and amortisation (EBITDA) rose 28% to €283m, 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.
In its outlook, Rhodia said global economic growth should remain strong throughout the year, driven by sustained demand especially in fast growing countries.
($1 = €0.67)
Additional reporting by Tahir Ikram
For more on Rhodia visit ICIS company intelligence
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