Belgium's Solvay Q2 net profit up 2% at €258m on better prices

27 July 2012 07:03  [Source: ICIS news]

SINGAPORE (ICIS)--Solvay’s net profit rose by 2% year on year to €258m ($314.6m) in the second quarter of this year, buoyed by higher selling prices and favourable currency effects, the Belgium-based producer said on Friday.

The company’s net sales rose by 1% year on year to €3.33bn in the second quarter, while its earnings before interest and taxes (EBIT) was up by 2% at €466m, the company said in a statement.

Solvay’s recurring earnings before interest, tax, appreciation and depreciation (REBITDA) were down by 6% year on year at €565m, the company said.

For the first six months of this year, the company’s net income fell by 25% year on year to €383m, with sales up by 2% at €6.57bn, it said.

“Despite the slowing in demand observed in June in some business segments, the ongoing major transformation of the group combined with our ability to fully deliver on our cost saving targets lead Solvay to reiterate its expectation to achieve a full year REBITDA similar to the strong 2011 pro forma level,” the company added.

($1 = €0.81)

For more on Solvay visit ICIS company intelligence

By: Nurluqman Suratman

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