1st QTR PROFITS UP 7% AT ICI

For the first quarter of 1992, Imperial Chemical Industries made group pretax profit of L 212 million ($376.6 million). Turnover for the period improved slightly, up 1% to L 3.06 billion. Higher sales volume, mainly in the USA and Continental Europe, and favorable exchange movements were said to have been offset by the net effect of divestments and lower local selling prices, mainly in Europe.

"We are pleased to report a 7% increase in our profits as compared with the first quarter of 1991. In bioscience products, pharmaceuticals continued to show good results. Elsewhere there are signs of improvement in the specialty chemicals and materials businesses with paints a strong performer. However, margins continue to be depressed in our industrial chemical operations where customer demand is still weak," said chairman Sir Denys Henderson.

Pharmaceutical turnover for the first quarter was L 386 million, up 19% on the like, year-earlier period. Trading profit grew 39% to L 122 million.