Corrected:Belgium's Solvay accidentally reports strong Q2 earnings highlights

25 July 2011 17:35  [Source: ICIS news]

Correction: In the ICIS story headlined "Belgium's Solvay accidentally reports strong Q2 earnings highlights" dated 25 July 2011, please read in the first paragraph ...more than doubled... instead of ...almost doubled... A corrected story follows.

LONDON (ICIS)--Solvay’s second-quarter net income more than doubled to €111m ($159m) year on year while sales volumes rose by 4%, the chemicals producer said on Monday as it inadvertently released results highlights on its website.

In a statement headlined “Solvay confirms accidental publication of quarterly results highlights”, the Belgium-based company said it had achieved “excellent operating results” in the quarter.

Recurring earnings before interest, tax, depreciation and amortisation (REBITDA) was up by 12% to €304m, while 11%-higher sales prices had compensated for a rise in energy costs.

Its operating margin remained stable at 18%, the company said.

“Solvay announced that a technical incident accidentally caused the publication on the website of the Group of the following text today at 15:27,” Solvay said.

“The text is confirmed by the Group. The entire results report will be published on 28 July 2011 at 07:30 on the website of the Solvay Group,” it added.

The company could not be reached immediately by telephone.

($1 = €0.70)

For more on Solvay, visit ICIS company intelligence

By: Graeme Paterson
+44 20 8652 3214

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