Belgium’s Solvay Q4 net loss grew to €23m amid weak vinyls demand

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 Europe, the Belgian producer said on Thursday.

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 Europe and in some segments of the demand, but differentiated from one world region to another, overall market conditions seem to progressively recover,” the company added.

($1 = €0.77)

By: Nurluqman Suratman

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