08 August 2007 09:56 [Source: ICIS news]
LONDON (ICIS news)--Altana increased operating income 26% in the first half of the year on strong sales and double digit earnings growth in all divisions, the German specialty chemicals maker said on Wednesday.
Earnings before income and tax (EBIT) increased from €64m in the same period last year to €81m ($111m) in 2007.
Sales across the group were up 7% at €706m, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22% from the previous year to €125m.
Net income was at €88m, more than double the €40m figure in 2006.
“In the first half-year of our new group structure as a pure specialty chemicals company, we have demonstrated a very satisfying development and were able to increase sales and earnings substantially,” said CEO Matthias Wolfgruber.
“We are well positioned to continue our path of profitable growth into the future,” added Wolfgruber.
EBITDA for the company’s largest division, additives and instruments, increased from €64m to €71m. while sales rose from €214m to €230m.
The effect pigments business saw a 29% rise in EBITDA from €34m to €44m, with sales up 8% at €179m.
EBITDA for its electrical insulation unit rose 27% to €28m while the coatings and sealants business reported a 12% EBITDA increase to €13m.
Altana said it expected a positive business environment with further increases in demand for specialty chemicals.
Shares in the company were at €16.94 in early morning trading on ?xml:namespace>
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