Ineos back in profit despite Chlor loss

INTERNATIONAL chemicals group Ineos has returned to profit, although challenges remain at its Runcorn-based chlorine manufacturing site.

The Swiss-based group reversed a £390m loss into a £72.6m profit on turnover of £21.3bn.

The group, which began in the 1890s in Runcorn as a caustic soda manufacturer called Castner Kellner Alkali, saw its Ineos Chlor site in Runcorn fall into the red.

In 2010 it made a £3.3m loss, compared with a profit of £64m in 2009. Higher higher energy and raw materials costs were blamed for the reversal in fortunes. Sales fell too, from from £397.6m to £393.3m in the period.

Ineos Group, led by Manchester-born chairman Jim Ratcliffe, has been a vocal critic of planned green taxes, which it claims could cost it £30m a year,  and has even threatened to close the Runcorn site.

Mr Ratcliffe, who controversially shifted the group headquarters from the UK to Switzerland for tax reasons in April 2010, owns more than 60% of the group’s shares.

In the financial year 2010 the group paid dividends of more than £20m.