Solvay has announced its financial results for the first quarter of the 2007 fiscal year, with the firm recording a one per cent rise in sales to 2,372 million euros (1,614.8 million pounds).

While enjoying growth in plastics sales and stability in the sales of its chemicals segment, the firm reported a seven per cent decrease in the sales of its pharmaceuticals business, with this drop attributed to the expiration of Pantoloc marketing rights and exchange rate losses.

In terms of operating results, the company saw growth in its chemicals and plastics sectors, while its pharmaceuticals segment was stable over the period. Over the first three months of the year, the company saw a net income of 218 million euros, an eight per cent fall on the first quarter of last year.

"2007 began with a generally favourable business climate," the company reports.

"Our strategy of sustainable and profitable growth as well as enrichment of the portfolio of activities and continued efforts to improve competitiveness are positioning us favourably."

The firm added that it is confident of emulating last year's strong operating results for the full 2007 fiscal year, while remaining aware of costs incurred through exchange rate differences, energy expenditure and global economic conditions.

Earlier this year, Solvay reported "record" financial results for the 2006 fiscal year, with the firm generating revenues of 9.4 billion euros, including pharmaceutical sales of 2.6 million euros.