SLVYY Solvay SA (PK)

By Pierre Bertrand

Solvay reported a decrease in second-quarter earnings on weak economic sentiment and lower demand and sales.

The Belgian chemical company said Thursday that it made 426 million euros ($466 million) in net profit for the period, compared with EUR470 million a year prior, on sales that fell 11% to EUR3.09 billion.

The company, which in May said it saw softened demand across several end markets, said its second quarter was again marked by soft demand and lower volumes affecting batteries, construction and consumer-facing industries.

Prices grew 4% but volumes declined 13% in the reporting period, and volumes declined most notably in aroma and novecare, it said.

"The macroeconomic environment remains challenging and persistent demand weakness is expected to continue to weigh on volume recovery across most markets," the company said.

The company backed its 2023 organic earnings before interest, taxes, depreciation and amortization guidance.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

August 03, 2023 01:39 ET (05:39 GMT)

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