France's Rhodia Q2 net profit soars on 22% jump in sales

28 July 2011 06:47  [Source: ICIS news]

SINGAPORE (ICIS)--French producer Rhodia said on Thursday its second-quarter net profit surged nearly threefold to €113m ($161m) from €43m on the back of a 22% surge in sales.

Sales for the three months ending June 2011 totalled €1.62bn, up from €1.33bn in the same period last year, Rhodia said in a statement.

Its second-quarter recurring earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 31% year on year to a record €297m, with operating profit surging by 49% to €218m, the company said.

“We continue to benefit from solid levels of demand across segments and regions as well as excellent pricing power,” said Jean-Pierre Clamadieu, chairman and CEO of Rhodia.

Rhodia is being acquired by Belgian chemicals producer Solvay in a “friendly takeover”. Solvay launched a €31.60/share cash offer for Rhodia on 14 June.

The company has reiterated its 2011 recurring EBITDA guidance of €1bn, which is on track with Rhodia’s 2013-2015 profitability target.

($1 = €0.70)

By: Pearl Bantillo
+65 6780 4359

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