10 May 2012 09:16 [Source: ICIS news]
SINGAPORE (ICIS)--Tessenderlo’s net profit fell by 80.4% year on year to €5.9m ($7.66m) in the first quarter of this year partly on the back of lower recurring earnings from its continuing operations, the Belgium-based chemicals firm said on Thursday.
The company’s overall sales fell by 22.7% year on year to €544.8m in the first quarter of this year while recurring REBIT (recurring earnings before interest and taxes) from its continuing operations fell by 36.2% year on year to €22.6m in the first quarter, it said in a statement.
The decrease of the net result "is mainly explained by a decrease of the REBIT and an increase of the non-recurring charges", the company said.
“In spite of contrasting segment performances, first quarter results are overall in line with management expectations,” the company said.
“Despite challenges in some activities, demand for the majority of the group’s businesses is anticipated to remain resilient, in spite of the uncertain European economic climate,” it added.
($1 = €0.77)
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