Belgium's Tessenderlo posts Q2 net loss of €137.8m

25 August 2011 07:40  [Source: ICIS news]

SINGAPORE (ICIS)--Tessenderlo swung to a net loss of €137.8m ($199.7m) in the second quarter of 2011, from a gain of €43m in the same period last year, on the back of a one-time charge of €158m arising from the sale of its polyvinyl chloride (PVC) and chlor-alkali business, the Belgium-based chemicals firm said on Thursday.

The company completed the sale of the PVC and chlor-alkali business to INEOS ChlorVinyls on 1 August.

The company’s group-wide revenues rose by 6.95% year on year to €718.4m in the April-June period, while its recurring earnings before interest, depreciation and amortisation (EBITDA) were up 20.7% at €68.7m, the company said in a statement.

For the first half of 2011, Tessenderlo incurred a net loss of €121.9m, compared with a gain of €48m in the corresponding period a year earlier.

Revenues in the January-June period rose 12.7% year on year to €1.42bn, while recurring EBITDA jumped 50.4% to €134.5m.

“For the continuing operations, the second half of 2011 is anticipated to be broadly in line with the solid results recorded in the second half of 2010,” the statement said.

“Consequently, as expected, 2011 will represent a clearly improved operating result for the continuing operations of the group on a full year basis,” it added.

($1 = €0.69)

By: Nurluqman Suratman

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