Kemira Q3 pretax grows 7 pct, margins weaken on dollar |
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Wed, 31 Oct 2007 08:39
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HELSINKI (Thomson Financial) - Kemira, the Finnish chemicals group, said third-quarter pretax earnings grew 7 pct, but margins eased slightly on the back of the weak dollar.Pretax profit rose to 68.3 mln eur from 63.8 mln eur a year ago, as acquisitions drove sales up 12 pct to 729.5 mln eur during the quarter.Kemira said profits and sales dropped in its largest division specialising in chemicals for the paper industry after routine maintenance shutdowns by Finnish pulp mills during the quarter.The company last night said the head of that unit would become its chief executive from January, replacing Lasse Kurkilahti, whose contract runs out.Sales at Kemira's specialty division also dropped amid fierce price competition in the market for titanium dioxide. Weakness in the US housing market has led US firms to increase exports of the chemical to Europe, Kemira said.It added that earnings at its water treatment business improved, driven by a mix of organic sales growth and acquisitions, but were little changed in its coatings unit.Looking ahead, 2007 sales and earnings are expected to grow year-on-year, it said.james.etheridge@thomson.comje/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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