BRUSSELS, Aug 28 (Reuters) - Belgian chemicals and plastics group Tessenderlo reported on Thursday second-quarter results way above market expectations due to an exceptional performance by its chemical arm.
'Chemicals are the driving force behind the improvement in the group's results for the first six months of 2008 with an operating result multiplied by three in comparison with the end of June 2007,' Tessenderlo said in a statement.
'Demand in fertiliser, for agriculture remains very substantial,' the group said, adding that the chemical arm would offset a downturn in PVC, where margins were suffering.
The company had told investors after its first-quarter results only that it expected its operating result to rise.
Tessenderlo's second-quarter recurring earnings before interest and tax (REBIT) came in at 94.1 million euros ($139.2 million). A Reuters poll of four analysts had on average forecast 49.6 million euros.
Sales totalled 775.9 million euros, compared to the Reuters poll average of 656.6 million euros.
Tessenderlo said REBIT could improve by about 50 percent in 2008. ($1=.6761 euro) Keywords: TESSENDERLO/ tf.TFN-Europe_newsdesk@thomsonreuters.com wj COPYRIGHT Copyright Thomson Financial News Limited 2008. 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.
'Chemicals are the driving force behind the improvement in the group's results for the first six months of 2008 with an operating result multiplied by three in comparison with the end of June 2007,' Tessenderlo said in a statement.
'Demand in fertiliser, for agriculture remains very substantial,' the group said, adding that the chemical arm would offset a downturn in PVC, where margins were suffering.
The company had told investors after its first-quarter results only that it expected its operating result to rise.
Tessenderlo's second-quarter recurring earnings before interest and tax (REBIT) came in at 94.1 million euros ($139.2 million). A Reuters poll of four analysts had on average forecast 49.6 million euros.
Sales totalled 775.9 million euros, compared to the Reuters poll average of 656.6 million euros.
Tessenderlo said REBIT could improve by about 50 percent in 2008. ($1=.6761 euro) Keywords: TESSENDERLO/ tf.TFN-Europe_newsdesk@thomsonreuters.com wj COPYRIGHT Copyright Thomson Financial News Limited 2008. 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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