BRUSSELS (July 29, 12:15 p.m. ET) — Solvay SA said its second-quarter profit more than doubled, led by price increases for PVC and soda ash although demand for specialty polymers slowed.
Net profit rose to 111 million euros, up from 44 million euros a year earlier. Earnings before interest, tax and special items jumped 27 percent to 219 million euros.
“The second quarter of 2011 has been excellent for Solvay with demand supporting volume growth of 4 percent while we achieved prices 11 percent ahead of the same period last year,” said Christian Jourquin, CEO of Brussel-based Solvay.
“Taken together this led to REBITDA and REBIT from continuing operations up by 12 percent and 27 percent respectively. We continue to trade in line with our expectations.”