09 May 2011 18:08 [Source: ICIS news]
LONDON (ICIS)--Solvay's underlying profits increased markedly in the first quarter, with its chemicals segment having a new record result and net profit from continuing operations of €99m ($141m), the Belgium-based company said on Monday.
Solvay’s operating profit in chemicals was €101m, up 55% from the 2010 first quarter, while the plastics segment's earnings before interest and tax (EBIT) more than doubled to €116m.
Group sales for the period were up 23% year on year at €1.67bn, with volumes 10% higher and prices up 12%.
Chemicals sales were 23% higher at €800m and plastics sales were up 24% at €870m.
The company’s €3.4bn offer for French chemicals maker Rhodia will be launched in France and extended to the US, Solvay said, adding that it expects the offer to be closed in August.
($1 = €0.70)
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