19 February 1998: Belgium“s Solvay has reported pre-tax 1997 income of BFr 21.3 billion (US$ 564.9 million) for 1997, up 3% on 1996 results. Solvay closed 1997 with after-tax earnings before extraord…
19 February 1998: Belgium“s Solvay has reported pre-tax 1997 income of BFr 21.3 billion (US$ 564.9 million) for 1997, up 3% on 1996 results. Solvay closed 1997 with after-tax earnings before extraordinary items of BFr 13.2 billion, a 15% increase on 1996 profits of BFr 11.5 billion. Extraordinary items contributed a net BFr 500 million to the results, particularly the sale of Solvay“s interest in Kali-Chemie-Akzo and the sale to Indupa of Solvay do Brasil“s PVC and caustic soda business. Other costs covered restructuring and foreign exchange losses experienced in Asia. Earnings from Solvay“s chemicals sector dropped 30% to BFr 7.7 billion, reflecting weaker markets for caustic soda, hydrogen peroxide and salt. Caustic prices were about 20% lower than in 1996, the company reported.