Q1 sales 1.201 bln eur, down 11.9% organically (Il Sole 24 Ore Radiocor) - Brussels, 07 May - Belgian chemical company Solvay said in the first quarter underlying net profit from continuing operations was 119 million euros compared with 187 million a year earlier.

Net sales totalled 1.201 billion euros, down 11.9% organically, with positive volume impact, for the first time in seven quarters, in both Basic and Performance Chemicals segments.

Underlying EBITDA stood at 265 million euros for the first quarter, 13.6% lower organically with negative net pricing partially offset by positive volume impact and lower fixed costs.

Free cash flow was 123 million euros in the quarter.

Underlying net debt stood at 1.6 billion euros, implying a leverage ratio of 1.4 times.

For the full year, Solvay expects underlying EBITDA to fall an organic 10-20% and a free cash flow greater than 260 million euros.

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(RADIOCOR) 07-05-24 12:43:10 (0430) 5 NNNN