Belgium-based chemicals producer Solvay Group, reported on 23 February 2005 net income for the 4Q 2004 of EUR 125 million (USD 165 million), down from EUR 133 million reported in the same period of 20…
Belgium-based chemicals producer Solvay Group, reported on 23 February 2005 net income for the 4Q 2004 of EUR 125 million (USD 165 million), down from EUR 133 million reported in the same period of 2003. The fall was due to a EUR 40 million Italian tax credit, the company said. For the full year 2004, the company reported net income of EUR 541 million, up 26% on the EUR 430 million for the full year 2003. Sales for 2004 reached EUR 7.88 billion, up 4% from 2003. The chemicals sector improved in 2004 thanks to the recovery of the markets, in particular soda ash and caustic soda, and increases in some prices, said Solvay. Solvay announced a rise in the dividend to EUR 1.90 per share. On 22 February 2005 the board approved an R&D budget of EUR 481 million (up from EUR 413 million in 2003) and a capital expenditure and acquisitions budget of EUR 796 million (up from EUR 564 million in 2003).