BOC Group has more than tripled its third quarter profit with the two global gases lines of business showing continued good progress.
Net income in the three months ended June 30 rose to £75.1 million, or 15.1 pence a share, from £18.8 million, or 3.7 pence, in the previous year
Earnings before interest and taxes or operating profit fell 7.2 per cent to £124.3 million while sales, including revenue from joint ventures and shareholdings, fell 5.6 per cent to £1.093 billion on slowing demand in the steel industry. The company recorded a loss of £79.8 million in the third quarter last year on the sale of its packaged gas unit to Airgas Inc.
Chief executive, Tony Isaac, explained the results. He said: “Our two global gases lines of business, which contribute over 80 per cent of Group operating profit, showed continued good progress. In aggregate, the adjusted operating profit growth of the Process Gas Solutions and Industrial and Special Products businesses was 6 per cent in the third quarter. The restructuring programme underway within BOC Edwards will deliver cost savings in the next financial year. Adjusted return on capital employed remained strong at 16.6 per cent.”
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