Profit plummets 55% for Solvay in recession
Belgian pharmaceuticals and chemicals firm Solvay posted first-quarter 2009 net profit down 55%, year-on-year, due to generic competition for cannabinoid drug Marinol (dronabinol) and global economic crisis in general.
The firm's net income fell to just 98.0 million euros ($133.6 million), or 1.11 euros per share, versus 220.0 million euros, or 2.49 euros per share. R&D expenses were 111.0 million euros, down 5%.
Sales fell 16% to 1.99 billion euros. This comprised: pharmaceutical revenue, down 3% to 632.0 million euros; chemical turnover, 5% lower to 723.0 million euros; and plastics, down 34% to 629.0 million euros, on a reduction in the automobile, construction and electronics sectors.
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