Solvay Q1 Operating Tops Forecast
Solvay posted a 53 % fall in recurring Q1 operating profit, beating estimates, but said full-year operating profit would be below 2008. Recurring earnings before interest and tax (REBIT) fell to €142 million. Last year, the company reported €300 million in Q1 REBIT. Solvay said the pharmaceuticals unit would achieve in 2009 a higher operating result than last year, but conditions remained difficult for chemicals and plastics and visibility was limited.