February 27, 2019 / 7:04 AM / 9 months ago

Arkema marks all-time high FY core profit, sees lower Q1 EBITDA

Feb 27 (Reuters) - French chemical group Arkema’s full-year core profit grew 6 percent, bolstered by specialty and intermediate chemicals businesses, it said on Wednesday, beating its own forecast for 2018.

The earnings before interest, tax, depreciation and amortization (EBITDA) reached an all-time high of 1.47 billion euros ($1.68 billion), above the company’s forecast for an about 5 percent growth in 2018.

The company expects this year’s first-quarter core profit to be slightly lower on year. However, it expects its 2019 core profit around the previous year’s level, driven by continued momentum in the specialty business.

The performance in 2018 was better than previous year’s record levels despite an unfavorable raw materials environment as well as a mixed macro-economic context towards the end of the year, the company said in a statement.

Arkema’s adjusted net profit rose 22.7 percent to 707 million euros. The company reported a sales growth of 5.9 percent. ($1 = 0.8787 euros) (Reporting by Joao Manuel Mauricio; Editing by Shreejay Sinha)

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