25 April 2013 10:21 [Source: ICIS news]
LONDON (ICIS)--Croda International’s first-quarter operating profit from continuing operations rose by 4.0% year on year to £68.0m ($104.6m, €80.0m) as all three of its reporting segments saw gains, the UK-based specialty chemicals company said on Thursday.
Consumer Care profits during the quarter increased by 2.3% year on year to £49.2m, while Performance Technologies’ profits rose by 1.9% to £16.1m.
In its Industrial Chemicals business, operating profit from continuing operations increased to £2.7m from £1.5m in the first quarter of 2012, "as a result of the strong sales uplift and favourable commodity prices", the company added.
First-quarter group sales from continuing operations increased by 0.4% year on year to £283.1m, Croda said in an interim management statement.
Pre-tax profits for the first quarter of 2013 were up by 6.5% year on year to £65.1m, "which was achieved against a particularly strong performance in the same period in 2012, and despite the adverse impact of an earlier Easter holiday this year," Croda said.
The company’s board said the first-quarter results represent a solid start to the year.
“The outlook provided in February is unchanged, and we expect to report further progress in 2013,” Croda added.
($1 = €0.65, €1 = £0.85)
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