Solvay Sees Profits Fall 28% In 1st Half

Solvay of Belgium saw its net profits for the first half of 1996 decline 28% to 6 billion Belgian francs ($196.6 million). The firm said that the downturn was brought about by a drop in sales of plastics and the sluggish European economy. Sales were slightly ahead at 142.2 billion francs, compared with 141.6 billion francs a year earlier.

It was noted that the firm's health care division was helped by sales of Luvox (fluvoxamine) in the USA, a product used in the management of obsessive compulsive disorder (Marketletter July 29). Solvay said that the division's profits were up on the previous year. Analysts are expecting to see a turnaround for the group as a whole in the second half.