Belgium's Solvay Q3 profit up 2% on record consumer chems results

25 October 2012 07:20  [Source: ICIS news]

SINGAPORE (ICIS)--Solvay’s third-quarter 2012 net profit rose by 2% year on year to €163m ($212m), buoyed by record results from its consumer chemicals division, the Belgium-based producer said on Thursday.

The company’s net sales for the September quarter inched up by 1% year on year to €3.29bn, but its earnings before interest and taxes (EBIT) fell by 7% to €329m, the company said in a statement.

Solvay’s recurring earnings before interest, tax, appreciation and depreciation (REBITDA) for the September quarter were up by 4% year on year at €554m, the company said.

The comparative numbers last year are pro-forma figures, which assumed that Solvay completed the acquisition of Rhodia on 1 January 2011.

For the first nine months of the year, the company’s net income fell by 18% year on year to €546m, while sales increased by 2% to €9.86bn, it said.

“The fourth quarter will reflect seasonal inventory management from customers and the slowdown of some market segments. The good momentum of the integration and the re-design of the group's organisation strengthen our confidence in the delivery of synergies and savings as planned.

“In this framework, Solvay confirms its expectation to achieve a full year REBITDA similar to the strong 2011 pro-forma level,” it added.

($1 = €0.77)

By: Tahir Ikram
+65 6780 4359

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