16 February 2012 07:21 [Source: ICIS news]
SINGAPORE (ICIS)--Tessenderlo’s fourth-quarter net loss from continuing operations improved to €8.4m ($10.9m), from €13.1m in the same period a year earlier, mainly as a result of a decrease in non-recurring and net finance expenses, the Belgium-based chemicals firm said on Thursday.
For the fourth quarter of 2011, the group recorded a non-recurring loss of €2m, compared with a non-recurring loss of €9.8m for the comparable quarter a year earlier, while net finance costs decreased to €6.8m from €11.4m, the company said in a statement.
The company’s revenue from continuing operations in the fourth quarter stood at €489.3m slightly below €500.2m in the same period a year ago, despite strong performance from most of its business units, it said.
Recurring earnings before interest, tax, depreciation and amortisation (REBITDA) from continuing operations for the fourth quarter decreased by 16.4% to €22.8m, it added.
Improvement in the fourth quarter was led by strong performance from its tessenderlo kerley segment, while its gelatine and akiolis unit also was well up as compared to a year ago, the statement said.
In addition, the plastic pipe systems and profiles segment and other businesses both had modest revenue growth as well, though the inorganics unit showed a slight decline, it added.
Tessenderlo reported a net loss of €95.6m for the full year 2011, from a profit of €20.3m in the previous year, entirely impacted by the non-recurring loss of €157.4m.
For the full year 2011, revenue amounted to €270.8m, a 17% increased from the same period in the prior year, driven by sustained high demand and strong commodities fundamentals, the statement said.
The firm’s REBITDA for the year 2011 increased by 39.6% to €66.5m, it added.
Into the year 2012, Tessenderlo expects demand for the majority of the group’s business to remain resilient, in spite of the uncertain European economic climate.
($1 = €0.77)
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