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Solvay 'will make up growth' in 2007 after Q2 results disappoint

Belgium-based chemical and pharmaceutical group Solvay has told investors that it is confident its pharmaceutical division will make up some growth in 2007, after Q2 FY07 results disappointed.

Belgium-based chemical and pharmaceutical group Solvay has told investors that it is confident its pharmaceutical division will make up some growth in 2007, after Q2 FY07 results disappointed.

Solvay's Q2 FY07 results revealed a 21 per cent fall in net profit. Net profit was slashed to EUR 195m (USD 266.3m), compared with EUR 246m for Q2 FY06. Solvay's share of net income at EUR 183m *USD 249.9m) was another fall compared with EUR 236m in Q2 FY06. The results fell below analyst expectations of between EUR 199m to EUR 202m.

Sales increased to reach EUR 2.4bn (USD 3.3bn) up slightly on the Q2 FY06 figure of EUR 2.38bn. The figure is congruent with analyst forecasts. REBIT was down four per cent to EUR 291m (USD 397.2m) from EUR 304m in Q2 FY06 and matched analyst forecasts of EUR 290m to EUR 300m.

CEO Christian Jourquin said at a press conference: "I do not see any major changes in economical trends but there is a good situation linked to the equilibrium between offer and demand in different areas of the world. I remain quite confident about it. Fixed costs tend to be high in the first half of the year, therefore I am confident about the outlook for the group."

Solvay is waiting for a preliminary FDA decision on its atypical antipsychotic, bifeprunox and expects this to complete by 11 August. The company said that the drug will start to contribute to sales from 2008.

27th July 2007

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