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Solvay Q1 profit up on recovery

May 12/2010

BRUSSELS (Reuters) -- Belgian chemicals and plastics maker Solvay on Tuesday targeted more savings of up to 120 million euros and said profit should improve in 2010 with an industry-wide recovery.

 

The company posted first-quarter recurring earnings before interest and tax (REBIT) from its chemicals and plastics operations of 115 million euros, up 80 percent and matching the average forecast in a Reuters poll. Solvay said sales grew significantly in specialties cluster and pointed to global economic improvement, particularly in Asia, echoing specialty peers Arkema and Lanxess.

 

"These are strong results. We were a little afraid on the chemicals unit due to lower soda ash prices, but Solvay seems to have made some additional cost savings following on the measures taken in 2009," Rabo Securities analyst Fabian Smeets said. Solvay said if rising demand so far in 2010 continued, the chemicals business should report REBIT over 2010 in line with 2009, despite declines in its prices. At plastics, the company said volume growth should support an increase in REBIT.

 

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Solvay Q1 profit up on recovery

 

 

 

 

 

 

 

 

 

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