Tessenderlo Group, Brussels, reported second-quarter REBITDA of €62.3 million on revenues of €456 million, compared to the year-ago €65.7 million and €463.6 million, respectively. The company said when excluding foreign exchange, Agro REBITDA was up, while revenues increased 6.4 percent.
Company-wide first-half EBITDA was down 17 percent, to €100.1 million on revenues of €840.2 million from the year-ago €120.6 million and €894.9 million. First-half Agro REBITDA was off 8.8 percent, to €69.6 million on revenues of €333.3 million versus the year-ago €76.4 million and €362.7 million, respectively.
However, after excluding foreign exchange, the company said both REBITDA (+1.2 percent) and revenues (-1.1 percent) were stable. The company cited lower volumes within Tessenderlo Kerley International, which it said could not be compensated for by other Agro activities and included new Thio-Sul® production in Rouen, France, in third-quarter 2017 and lower maintenance expenses.
Tessenderlo said company-wide 2018 REBITDA continues to be impacted by the evolution of the Euro/U.S. Dollar exchange rate and raw material prices. The company now expects 2018 REBITDA to be lower than 2017’s, but said it could still match 2017 should the purchase of T-Power nv (GM April 27, p. 29) be achieved by the end of September.