23 April 2013 13:22 [Source: ICIS news]
LONDON (ICIS)--Kemira’s net profit for the first quarter of the year fell by 91% compared to the same period in 2012, to €2.8m, as a result of a €23m ($29.9m) writedown from the sale of its stake in loss-making titanium oxide (Ti02) producer Sachtleben, the Finnish chemicals company said on Tuesday.
Revenues were up 3% year on year to €560.9m and earnings before interest and taxes (EBIT) was up 9% to €42.2m, on the back of increased sales for Kemira’s paper, municipal and industrial, and ChemSolutions businesses.
Along with improved sales, the company also noted €9m in cost savings from its efficiency programme, which will see the closure of 11 manufacturing sites and two production plants as part of a goal of reaching at least 10% EBIT margin in 2014.
The company’s revenues for 2013 are expected to be slightly higher in local currency terms than in 2012, excluding divestments. Operating EBIT will be at least 15% above 2012 levels, Kemira said.
($1 = €0.77)
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