25 January 2012 12:44 [Source: ICIS news]
LONDON (ICIS)--Net profit at Synthos, Europe’s second largest synthetic rubber producer, rose 84% year on year to around zlotych (Zl) 880m ($268.3m, €205.6m) for 2011, preliminary figures show, the company said on Wednesday.
The year also saw estimated sales revenues of Zl5.4bn, which was 40% up on what was accrued in 2010, added Synthos, which operates plants in ?xml:namespace>
Synthos, which said it would pay a total 2011 dividend of Zl300m to shareholders, added that its profits were bolstered by an extended synthetic rubber bull run driven by soaring demand in emerging markets such as China and India.
However, in December last year Raiffeisen Centrobank warned that the bull run could be coming to an end, with the prices of rival natural rubber products dropping thanks to newly planted trees which had matured.
Synthos, also a polystyrene (PS) producer, is scheduled to report its full-year 2011 results on 28 February.
($1 = €0.77)
($1 = Zl3.28)
(€1 = Zl4.28)
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