16 February 2012 08:11 [Source: ICIS news]
SINGAPORE (ICIS)--Solvay’s net loss grew to €23m ($30m) in the fourth quarter of 2011 compared with a loss of €2m in the same period a year earlier amid a significant slowdown in demand for vinyls in ?xml:namespace>
The firm’s fourth quarter net loss figures were reported in accordance with the International Financial Reporting Standards (IFRS).
On a pro forma basis, the firm’s net result rose by 3% year on year to €122m, the company said in a statement.
Solvay’s net sales, on an IFRS basis, nearly doubled to €3bn in the fourth quarter from €1.51bn in the same period a year earlier, the statement said.
The company’s recurring earnings before interest, taxes, depreciation and amortisation (EBITDA) on an IFRS basis rose by 53.7% year on year to €355m in the fourth quarter of 2011, the company said.
For the full year of 2011, the company’s net income on an IFRS basis fell to €247m versus €1.78bn in 2010, the firm said.
Its net sales grew by 34.7% year on year to €8bn in the fourth quarter, while its recurring EBITDA rose by 30% to €1.21bn, according to the statement.
“In an uncertain economic environment in
($1 = €0.77)
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