Solvay cuts costs to beat analysts' estimates in Q1
BRUSSELS May 3 (Reuters) - Belgian chemicals group Solvay on Tuesday reported better-than-expected results for the first quarter, as it was able to lower costs.
Underlying core profit (EBITDA) rose 2 percent in the first quarter to 602 million euros ($694.35 million), above the 585 million euros expected in a Reuters poll of seven analysts.
The group repeated its outlook for high-single digit EBITDA growth in 2016.
Separately, the group said it had agreed to sell its stake in Solvay Indupa, a unit with factories in Argentina and Brazil, to Brazilian group Unipar Carbocloro.
The transaction was based on an enterprise value of $202.2 million, Solvay added.
($1 = 0.8670 euros) (Reporting by Robert-Jan Bartunek; Editing by Biju Dwarakanath)
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