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Net sales down 6% at Solvay in Q2
01
Aug '16
Net sales for the three months ended June 30, 2016 totaled €2,946 million at Solvay, down 6 per cent year on year, as a result of a 4 per cent foreign exchange impact offset by lower raw material and energy costs.

However, underlying EBITDA in the second quarter of 2016 rose 8 per cent from a year ago period to €652 million, benefitting from sustained pricing power of 3 per cent.

According to the company, the underlying EBITDA margin expanded to a record 22 per cent of net sales, up 2.9 basis points.

On an IFRS basis, net income surged to €185 million in the reporting quarter compared to €138 million in the corresponding quarter of 2015.

But underlying net income grew slower at 4 per cent year over year to €223 million, with the higher operating profit more than offsetting the end of contributions from the discontinued European chlorovinyls activities.

Free cash flow at the end of the quarter under review was lower at €174 million vis-à-vis €192 million at the end of the earlier year's second quarter. (AR)

Fibre2fashion News Desk - India

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