Solvay's Q3 profits boosted by strong sales of specialty polymers

30-Oct-15

Belgian chemicals group Solvay reported a better than expected third-quarter underlying core profit, boosted by strong sales of specialty polymers to electronics manufacturers and a weaker euro, as per Reuters. Recurring earnings before interest, tax, depreciation and amortisation (REBITDA) rose 14% to 524 million euros (US$572.78 mln), ahead of the average market forecast of 490 million euros given in a Reuters poll of seven analysts. Solvay said sales of specialty polymers to smart device manufacturers nearly doubled compared with the same period last year, while sales volumes to automotive clients also increased. The group said its Advanced Formulations unit, which makes products for oil and gas drilling as well as chemicals used in the food industry, saw a drop in quarterly profits due to the downturn in activity in the North American oil and gas industry.