London -Â The quarterly results season continues with figures for the first three months of 2007 from Airboss of America Corp; Rhodia and Showa Denko KK.
In a statement, Airboss said, "Sales for the three-month period ended March 31, 2007 decreased 2.4% while net income from continuing operations decreased from $1.8 million to $1.1 million. These decreases were primarily due to the anticipated temporary weakness in demand for rubber track products and rubber compounds servicing the energy generation sector. The long-term outlook for both these groups is excellent and demand has already rebounded in the second quarter."
Rhodia reported a solid start to the year with net sales up by 4.7 percent to â‚¬1260 million in the first three months of 2007, from â‚¬1203 million a year earlier. This increase was driven by a 5% volume growth and a 5% positive impact from price increases. Foreign exchange had a 5% negative impact, due to the strength of the Euro against most currencies.
Meanwhile, Japanese rubber producer, Showa Denko K.K. said it recorded an 11.5% increase in net sales over the first quarter of 2006, to JPY 229,079 million. However, operating income decreased 2.6%, to JPY 15,009 million, and ordinary income fell 17.4%, to JPY 10,591 million. Net income of the quarter was down 17.7%, to JPY 6,473 million. The company added, "sales of Shoprene chloroprene rubber ... increased due to higher shipment volumes."
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Airboss of America results statement
Rhodia results statement
Showa Denko K.K. results statement