17 March 2008 08:37 [Source: ICIS news]MUMBAI (ICIS news)--Germany-based Linde posted an 18.1% year on year rise in its operating profits to €2.4bn ($3.7bn) for full-year 2007 on robust performances in its segments in Asia, Americas, and Europe, the company said on Monday.
The engineering and gas company’s sales grew by nearly 14% to €12.3bn, it added.Operating profit at its gases division increased 13.7 % to €2.3bn owing to good sales in all regions while sales rose 9.4% to €9.2bn.
The engineering division’s operating profit surged nearly 40% to €240m on high demand for the company’s technologies, while sales rose 40.4% to €2.75bn, it said.
Looking ahead, the firm expected to achieve enhanced sales growth in 2008 and to increase its earnings at a faster rate than sales, Linde chief executive Wolfgang Reitzle said.
"We confirm our medium-term objective and are seeking to achieve Group operating profit of more than €3bn for the 2010 financial year. In terms of ROCE, our key performance measure, we want to achieve at least 13% in 2010," he added.
The company expected the gases industry to grow at an average 7% for the next few years and it expected to grow at a faster rate than the market, it said.
"Linde anticipates sales growth in the engineering division in the next few years of 8% to 10% per annum," the firm added.
Linde shares were up 0.69% on Friday’s close at €86.61 on Germany’s Xetra Dax at 16:30 GMT.
($1 = €0.64)
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