Tessenderlo: Profit down

Profits at Belgian chemicals and plastics group Tessenderlo dipped in the first half of the year. While sales moved ahead by 2.4% to E1,076m, operating profit (EBIT) fell nearly 40% to E31.4m. Profits in the plastics converting group – which makes pipes, profiles and fittings – fell by nearly 24%, although business picked up in the second quarter. Tessenderlo said that profiles had “held down the results of the group as a whole”. The chemicals division, which includes PVC resin, posted a 62% rise in profits but saw an erosion of profits in the second quarter.

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