22 October 2013 13:57 [Source: ICIS news]
LONDON (ICIS)--Kemira's third-quarter net profit soared to €16.3m ($22.3m) from €1.4m in the same quarter in 2012 on the back of improved margins across its core business divisions, the Finland-based chemicals firm said on Tuesday.
The company noted sales increases of around 10% during the year-to-date period for its polymers and sizing agents product lines, as well as accelerated growth for its paper business.
However, the year-on-year increase in third-quarter net profit is due in part to €40m of non-recurring charges booked by the company during the same period in 2012 related to its global restructuring programme.
Net profit for the year to the end of September 2013 was €22.8m, compared to €62.9m during the same period in 2012, the company added.
Operative earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was €68.9m, a 3% drop year on year, while revenues were down 2% over the same period to €553.7m, according to Kemira.
The company is predicting operative earnings before interest and taxes (EBIT) of €42-50m in the fourth quarter of the year, and maintains its guidance for full-year revenues to be 0-5% higher than in 2012.
“The implementation of our strategy is on track. Sales volumes of Kemira's two strategically most relevant product lines, polymers and sizing agents, have grown about 10% year-to-date,” said Kemira CEO Wolfgang Buchele.
“The evaluation of exit options for the formic acid business of ChemSolutions is advancing as planned,” he added.
The company closed its acquisition of Italy-headquartered polyacrylamide plastics producer 3F Chimica for €85m earlier this month.
($1 = €0.73)
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