Belgium’s Solvay Q4 net profit shrinks 87% on lower product prices

26 February 2014 07:25  [Source: ICIS news]

SINGAPORE (ICIS)--Solvay’s fourth-quarter net profit declined by 87% year on year to €25m as product prices fell in line with lower raw material costs, the Belgian specialty chemicals producer said on Wednesday.

Sales for the quarter ending December 2013 were down 5% at €2.42bn, the company said in a statement.

Its operating profit for the quarter declined 62% to €131m, while recurring earnings before interest, tax, depreciation and amortisation (REBITDA) were down 6% at €384m, it said.

For the whole of 2013, the company’s net profit shrank 45% to €378m, with net sales were down by 5% at €9.94bn, Solvay said.

Operating profit last year declined 41% to €796m, with REBIT dipping 21% to €1.04bn, the company said.

“Although Solvay remains cautious, it is confident that 2014 will show REBITDA growth,” the company said.

By: Pearl Bantillo
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