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Solvay reports sharp drop in 2013 profit

AFP

Belgian chemical giants Solvay CEO Jean-Pierre Clamadieu gives ng a press conference in Brussels on January 16, 2013Belgian chemical giants Solvay CEO Jean-Pierre Clamadieu gives ng a press conference in Brussels on January 16, 2013

Belgian chemical giants Solvay CEO Jean-Pierre Clamadieu gives ng a press conference in Brussels on January 16, 2013Belgian chemical giants Solvay CEO Jean-Pierre Clamadieu gives ng a press conference in Brussels on January 16, 2013

Belgian chemicals giant Solvay reported on Wednesday a sharp fall in both its 2013 net and operating profit but said it was counting on restructuring to improve prospects this year.

Solvay announced an adjusted 2013 net profit of 378 million euros, down from the previous year's 690 million euros, and an operating profit off 12 percent at 1.66 billion euros.

According to a company statement, turnover for 2013 was down 5.0 percent to 9.93 billion euros.

Solvay said it planned to rein in operating costs further while CEO Jean-Pierre Clamadieu argued the company is now "on a growth path," although he did not announce specific new targets.

"From the beginning of this year, some of our end-markets have shown slight signs of recovery and our group is well placed to benefit from an improved macro-economic environment," Clamadieu said.

Solvay said it had stepped up its restructuring in 2013 so as to make it more profitable overall and less dependent on the business cycle, with the changes now beginning to show results.

Date created : 2014-02-26