07 May 2004 10:38 [Source: ICIS news]
LONDON (CNI)--German specialty chemicals company Degussa disclosed on Friday a 7% rise to Euro224m ($268m) in earnings before interest and tax (EBIT) from its core business.
In a brief statement at the company's annual general meeting (AGM) in Dusseldorf, Degussa said EBIT for the overall group totalled Euro217m - up 5% compared with the first three months of 2003.
Core sales, however, were down 2% at Euro2.63bn although it said the decline was entirely due to adverse exchange rate movements. Sales including non-core businesses fell 4% to Euro2.69bn.
Group net income was up 22% at Euro89m, said Degussa, which will be publishing detailed first quarter results on Tuesday (11 May).
"Degussa has got off to a solid start in the new financial year," chairman Utz-Hellmuth Felcht told shareholders.
He said the company was sticking to its full year forecast of a slight improvement in core business EBIT and sales.
Degussa's first quarter results were prepared for the first time on the basis of the International Financial Reporting Standards (IFRS), with the corresponding numbers last year restated accordingly.
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