CORRECT:Zotefoams Sees 2010 Profit Topping Market Expectations

1st Jul 2010 15:34

("Zotefoams Sees 2010 Profit Topping Market Expectations," at 0733 GMT, misstated the reasons behind the rise in polyolefin revenue in the fifth paragraph. The correct version follows:) LONDON (Dow Jones)--Foam manufacturer Zotefoams PLC (ZTF.LN) Thursday said it expects its full-year pretax profit to top market expectations, following a better-than-expected performance during its first half. The company didn't say what level of profit it now expects to make. According to FactSet, Zotefoams had been expected to make a pretax profit of GBP4 million. The company remains cautions that trading conditions for the rest of the year may be more challenging, but said sales volumes for its polyolefin foams business increased significantly in its first half--which ended June 30--compared with the same period last year. It said it has seen robust growth in all major markets, with Europe and Asia particularly strong. Revenue from this polyolefin foams part of its business is expected to rise 25% on the year in the first half due to increased volume. The company also said the price of its major raw material, low-density polyethylene, has risen consistently over the past six months and is now significantly higher than the average price during 2009. Sales from its high-performance polymers business are also expected to be well above the comparable period in the half, the company said. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] (END) Dow Jones Newswires July 01, 2010 10:34 ET (14:34 GMT)