The outlook for ICI is uncertain in the short-term

Chemicals giant ICI has posted third quarter profits which were down 13% to �105m ($179m) but better than observers had expected.

The UK-based maker of Dulux paint announced it was looking to increase average sales growth at, or better than, the growth of gross domestic product (GDP) over the next four years.

It is also targeting an increase in group trading profit margins by an average of 1-2% a year during the period.

The company, which has already announced more than 2,000 job cuts this year in a drive to improve profitability, did not announce any fresh reductions to the workforce.

But chief executive John McAdam warned: "Whilst recent indications of an improving US economy provide some encouragement, the outlook for Q4 remains uncertain."

Pre-tax profit before exceptional items and goodwill for the three months to 30 September, were down �16m from �121m last year.

The firm currently employs about 36,600 jobs worldwide, 5,000 of which are in the UK.