BOC have announced ‘another quarter of double-digit growth with a strong cash flow performance and a further improvement in return on capital’.
Group turnover and operating profit increased for both the first six months and the second quarter (FY 2005).
Adjusted earnings were up 14% for the first six months and up 13% for the second quarter.
|1st half 2005||1st half 2004||2nd qtr 2005||2nd qtr 2004|
|Turnover||$4.406.0 m||$4,259.7 m||$2,177.1 m||$2,126.4 m|
|Operating Profit||$550.2 m||$517.5 m||$273.7 m||$258.9 m|
The main highlights of the period were that the results from Process Gas Solutions benefited from generally strong demand in Asia and from the acquisition of an increased share of the Cantarell nitrogen joint venture in Mexico.
There was a major impact on the six months' results following the disposal of the US packaged gas business and depressed turnover of the Industrial and Special Products but improved significantly operating profit.
BOC Edwards experienced lower operating profit in the second quarter lower than the previous year but it was similar to the previous quarter, due to stabilised demand.
Commenting on the interim results, BOC Chief Executive Tony Issac said, \\$quot;Our global gases businesses are performing well, particularly In Asia where BOC’s strong presence is benefiting from continued growth of demand. The progress of our Process Gas Solutions business is supported by new projects scheduled for completion over the next two years and the improved performance of our Industrial and Special Products business has been further enhanced by the elimination of underperforming businesses\\$quot;.