Solvay's 3rd-qtr 2006 income rises 6%

Belgium's Solvay SA saw its third-quarter 2006 net income rise 6% on the like, year-ago period, to 187.0 million euros ($238.5 million), due to a strong performance from its plastics and chemicals division as earnings per share rose 5% to 2.19 euros.

In the first nine months of the year, the firm's recurrent earnings before interest and taxes totaled 883.0 million euros, up 31%, while its operating margin reached 13% from 11%. During the period, overall group sales rose 13% to 7.05 billion euros, up 5% in third-quarter 2006. Nine month revenues improved across all three sectors: pharmaceuticals up 24%, with 9% and 10% rises for chemicals and plastics, respectively.

Solvay's pharmaceutical turnover reached 1.93 billion euros up 24% in the first nine months of the year, although the third quarter was impaired by the expiration of the marketing rights for its proton pump inhibitor Pantoloc (pantoprazole) in May 2006, resulting in sales of just 44.0 million euros, so that over all drug revenues during the period fell 4%.