Belgium's Tessenderlo swings to €40.2m Q3 net loss

15 November 2012 08:39  [Source: ICIS news]

SINGAPORE (ICIS)--Tessenderlo swung to a third-quarter 2012 net loss of €40.2m from a net profit of €16.2m in the same period last year, weighed by a non-recurring charge of €46m, the Belgium-based chemicals firm said on Thursday.

The company’s revenue from continuing operations slipped by 0.4% year on year to €517.5m in the third quarter, while recurring earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 22.7% at €36.6m, the company said in a statement.

For the first nine months of 2012, the company’s net loss narrowed to €49.4m from a loss of €87m in the same period a year earlier.

Its revenue from continuing operations for January-September this year was €1.63bn, down by 0.67% year on year, while recurring EBITDA fell by 16.9% to €136.4m.

“The group’s performance over the first nine months is overall in line with its expectations,” the company said.

“Strategy execution, in terms of divestments of non-core businesses, as well as investments including acquisitions in growth activities, will continue to be a top priority,” it added.

($1 = €0.78)

By: Nurluqman Suratman

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