Poland’s Synthos first-quarter net profit climbs 87.9% to €45.6m

13 May 2011 14:38  [Source: ICIS news]

LONDON (ICIS)--Synthos’ saw its first-quarter net profit climb 87.9% to zlotych (Zl) 178.3m ($64.8m, €45.6m) from Zl 94.9m in the same period a year ago, as the company continued to capitalise on a boom in demand for synthetic rubber, the Polish producer said on Friday.

Sales revenues in the first quarter rose 41.2% year on year to Zl 1.17bn, while operating profit more than doubled to Zl 216.1m from Zl 100.9m, Synthos, the second-biggest synthetic rubber producer in Europe, added.

Synthos said it is enjoying a surge in profitability, driven by market opportunities arising from bad weather conditions and floods that in the past couple of years have undermined the operations of natural rubber producers in east Asia.

In mid-April, Erste bank said that thanks to the market boom the company has been building up a substantial cash pile which it was likely to use in an expansion into high-performance rubbers.

The company, based in Oswiecim, southern Poland, looked likely to achieve robust profits for several years ahead, it added.

($1 = Zl 2.75, €1 = Zl 3.91)

By: Will Conroy
+44 20 8652 3214

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