ICI net profits falls

British chemicals group ICI was still confronting tough market conditions in the first quarter of 2002, when consolidated net profits slipped 15% to GBP 45 million, the company announced at the beginn…

British chemicals group ICI was still confronting tough market conditions in the first quarter of 2002, when consolidated net profits slipped 15% to GBP 45 million, the company announced at the beginning of May. Consolidated revenue also dropped from GBP 1.640 billion in the first quarter of 2001 to GBP 1.474billion in the same period of 2002. “The challenging trading conditions seen throughout 2001 continued in the first quarter, although performance improved as the quarter progressed,” ICI said in the statement. “Consequently, and given the actions we are taking in our markets and on our cost and capital effectiveness, prospects for the year remain satisfactory,” it said. Earlier this year, ICI said it had reduced its debts to GBP 2.4 billion from almost GBP 3 billion.