13 August 2013 09:37 [Source: ICIS news]
SINGAPORE (ICIS)--Synthomer’s net profit fell by 7.3% year on year to £37m ($57m, €43m) in the first half of this year, partly weighed by persistent weak demand in Europe, the UK specialty chemicals company said on Tuesday.
The company’s sales fell by 7.5% year on year to £558.3m in the first six months of this year, while operating profit was down by 11% at £56m, the company said in an interim statement.
CEO Adrian Whitfield said: “Business in Europe has remained challenging, with a continuation of the weak demand trends seen in the second half of 2012 reflecting the current economic environment.
“In Asia, the performance of our nitrile business has been encouraging, with the pace of recovery being faster than originally anticipated. We have seen good demand growth and a modest improvement in margins from the low levels we saw over most of last year.”
He added: “For the balance of the year, absent any recovery in demand in Europe, the board expects that our European business profitability will be somewhat lower than the first half, largely reflecting the impact of normal seasonal factors. The Asia and ROW [rest of the world] business is expected to operate at a similar level to the first half."
($1 = £0.65, $1 = €0.75)
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