27 October 2011 11:32 [Source: ICIS news]
LONDON (ICIS)--Tessenderlo's third-quarter net profit from continuing operations rose by 22% year on year to €16.2m ($22.5m), on the back of improved revenue from most of its business segments, the Belgium-based chemicals firm said on Thursday.
The company’s group-wide revenues from continuing operations in the third quarter rose by 3% year on year to €519.8m, while its recurring earnings before interest, tax, depreciation and amortisation (REBITDA) were up slightly to €47.3m, from €46.6m in the same period last year, Tessenderlo added.
The company said revenue from its Gelatin and Akiolis business continued to grow from the third quarter in 2010, while Tessenderlo Kerley’s revenue was slightly higher year on year.
“Tessenderlo’s Inorganics business witnessed a sharp rise year on year. Revenue from other businesses was higher than in the third quarter of 2010, while [revenue from] Plastic Pipe Systems and Profiles were marginally lower," the company added.
Revenue from continuing operations for the first nine months of 2011 totalled €1.64bn, an increase of 7% from the previous year, with all segments reporting higher revenue.
Looking ahead, the company said that it expects “the overall performance of its businesses will remain solid” in the fourth quarter of 2011.
“However, consistent with previous disclosure, the construction sector remains very weak and is not expected to improve in the next quarter. Furthermore, the group is allocating additional resources to grow in selected businesses,” it added.
Tessenderlo forecast fourth-quarter operating results to be in line with the same period last year.
($1 = €0.72)
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