Britain's Imperial Chemical Industries (ICI) said today it would post satisfactory annual results after third-quarter profits rose 12 per cent, helped partly by lower interest payments.
ICI which jointly owned Irish Fertiliser Industries (IFI) with the Government, reported pre-tax profit rose to £121 million sterling (€188 million) for the three months to September 30th.
The shutdown of IFI cost 620 jobs - 206 at Richardsons Fertilisers in Belfast and the rest at two IFI plants in Cork and Arklow.
ICI, maker of Dulux paints, said the fragrances business at its Quest division, which was hit by glitches in the second quarter that hurt production and profits, performed well in the third quarter to meet its expectations.
Shares in the company closed at 227p yesterday, valuing the firm at nearly £2.59 billion. They have underperformed those of the company's peers in the chemicals sector by nearly 14 per cent in the past year.