Germany's Cognis sees 9% rise in full year profits

17 April 2008 11:08  [Source: ICIS news]

LONDON (ICIS news)--Cognis booked a 9.2% increase in operating profits in 2007 to €225m ($359m), as it managed to partially offset increases in raw materials costs, the German specialty chemicals producer said on Thursday.

 

Sales rose by 4.3% to €3.5bn driven by growth in the company’s care chemicals business unit.

 

“We achieved these good results despite various extraordinary challenges in 2007, such as a massive rise in raw material costs and a weak US dollar,” said Cognis CEO Antonio Trius.

 

By segment, care chemicals increased sales by 6.7% to €1.45bn driven by growth in performance ingredients and primary surfactant businesses.

 

The nutrition and health segment’s sales rose by 4.7% to €331m. Strong performers were ingredients for baked goods and desserts.

 

Functional products reported sales of €874m, up 4% on the year earlier. Cognis said demand for the company’s agricultural solutions and synthetic lubricants was particularly strong.

 

The company’s joint venture with Sime Darby – Cognis Oleochemicals – reported sales of €599m, up 8.3% on the previous year.

 

($1 = €0.63)

By: Mark Watts
+44 20 8652 3214

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