Solvay cuts costs to beat analysts' estimates in Q1

martes 3 de mayo de 2016 01:21 GYT
 

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)