February 22, 2018 / 7:50 AM / 5 months ago

Arkema beats 2017 profit target on strong units growth

(Reuters) - French chemical group Arkema’s full-year core profit (EBITDA) grew 17 percent, led by strong performance in all its three divisions, the company said on Thursday, beating its own 2017 objectives.

Core profit reached a record 1.391 billion euros ($1.71 billion), higher than the company’s forecast for 2017 EBITDA at the upper end of its previously announced range of 1.31 billion euros and 1.35 billion euros.

All three divisions of the company - High Performance Materials, Coating Solutions and Industrial Specialties - reported EBITDA increases despite higher raw materials costs than in 2016, the company said in the statement.

Arkema’s net profit was up 35 percent at 576 million euros. The company reported sales growth of 10.5 percent.

Reporting by Anita Kobylinska in Gydnia; Editing by Biju Dwarakanath

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