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Alent reports drop in first-half profit, forecasts improved H2
August 5, 2013 / 7:09 AM / 4 years ago

Alent reports drop in first-half profit, forecasts improved H2

Aug 5 (Reuters) - Alent Plc reported a 3 percent drop in first-half profit hurt partly by weak global demand from electronic companies, but the specialty chemicals and materials maker forecast an improvement in the second half of the year.

For the six months ended June 30, the company -- which generates most of its revenue serving the electronics industry -- reported a pretax profit of 41.1 million pounds ($62.8 million) on an adjusted basis, down from the 42.4 million pounds it reported last year.

Profit was also hurt by a drop in volumes of higher-margin copper damascene additive, which is used in a process to create interconnections within a chip, as a result of destocking that should normalise in the second half, the company said.

Alent’s net sales value fell 3 percent on a constant currency basis to 209.2 million pounds.

Shares in the company, which was formed when the Cookson Group was split in December, fell as much as 3.2 percent to 365 pence in early morning trade on the London Stock Exchange. ($1 = 0.6548 British pounds) (Reporting by Abhishek Takle in Bangalore; Editing by Gopakumar Warrier)

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