Belgium's Solvay Q3 group net income down 17% on lower sales

25 October 2013 07:40  [Source: ICIS news]

SINGAPORE (ICIS)--Solvay’s third-quarter group share adjusted net income fell by 17% year on year to €118m ($164m) amid lower sales at all of the firm’s business divisions, the Belgium-based specialty chemicals maker said on Friday.

The company’s net sales fell by 8% year on year to €2.46bn in the third quarter of this year, while adjusted earnings before interest and taxes (EBIT) was down by 19% at €253m, it said in a statement.

In January-September this year, the company’s group adjusted net income was down by 28% at €352m, while net sales fell by 6% to €7.52bn, the company said.

Its adjusted EBIT fell by 35% to €665m in the first nine months of this year, it said.

“Solvay is restating its out-look for the year to take into consideration the discontinuation of the chlorovinyls activity and now expects 2013 REBITDA [recurring earnings before interest, tax, depreciation and amortisation] of around €1.65bn, broadly in line with its former guidance on previous scope,” the company added.

($1 = €0.72)
By: Yaw Min Jie
+65 6780 4327

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