Henkel's Q1 earnings up 6.2% on lower taxes

07 May 2008 07:50  [Source: ICIS news]

MUMBAI (ICIS news)--German chemical firm Henkel posted a 6.2% year-on-year rise in its first quarter net earnings to €223m ($348.4m), supported by lower taxes and positive contribution by all business segments, the company said on Wednesday.

“We made a good start to the fiscal year within a challenging economic environment. Our robust organic sales growth, achieved despite a sluggish US market and a strong prior-year quarter, is encouraging,” Kasper Rorsted, the company CEO said.

However, for the quarter, the company’s operating profit was marginally down to €320m as compared with €323m in the year-ago period.

Henkel said its sales fell 2.3% to €3.16bn mainly being impacted by unfavourable movements in currency exchange.

For the full year 2008, Henkel said it expects a 3-4% growth in sales in sales and it expects to increase its operating profit in the mid-teen percentage range, the company added.

($1 = €0.64)

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