10 November 2011 10:50 [Source: ICIS news]
LONDON (ICIS)--Yule Catto's third-quarter earnings were “slightly ahead” of expectations, the speciality chemicals maker said on Thursday, adding that it expected full-year earnings to be in line with market forecasts.
The UK-based company believes that current softer demand is attributable to destocking, along with some end-market weakness.
“The group has performed well, in what has been a period of considerable economic uncertainty,” it said in an interim management statement that gave no financial details for the third quarter or the first nine months of the year.
Polymers demand in the third quarter was softer in all regions compared with the first half of the year, because of destocking, the company said.
“The benefit of weakening input prices [lower monomer costs] and product price management ensured that third-quarter pro-forma profitability continued to be comfortably ahead of prior year,” it added.
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