Solvay SA posted an 11% rise in 1Q 2007 core earnings, as strong performances by its industrial units compensated for pharmaceutical sales. Recurring earnings before interest & tax, or REBIT, which removes any one-off effects, increased to EUR 325m (EUR 293M). A figure of around EUR 300M was expected. The company said the year started well & it is confident of matching "the excellent results of 2006" in 2007. Net profit in the 1Q 2007 fell 8% to EUR 218M (EUR 238), hit mainly by a tough comparison in the 1Q 2006, which benefitted from a EUR 103M capital gain on the sale of the Industrial Foils business. Sales were 1% higher to EUR 2.37BN pressured by a weaker dollar. In the chemicals business, which makes a range of products inluding soda ash, sales were flat at EUR 755M but operating profits were up 6% at EUR 93M driven by strong demand & rising market prices.
