Germany’s Evonik posts 27% fall in H1 net income

18 August 2008 09:54  [Source: ICIS news]

MUMBAI (ICIS News)--Germany’s Evonik Industries has posted a 27% year-on-year drop in its net income for the first-half of 2008 to €522m ($767.6m) due to adverse global economic trends, the specialty chemicals company said on Monday.

The company said the net income was down because the previous year's figure was boosted by substantial one-off factors, especially gains from the divestment of the mining technology company DBT.

For the period, the company’s sales rose 11% to €7.9bn and its earnings before interest and tax (EBIT) rose 17% to €869m, on higher earnings from all business units.

“The good figures underscore the strength of our portfolio. Our three business areas are very resilient," Werner Müller, the company CEO said.

For the full year 2008, the company expected a sales growth in the high single digit range and also aimed to post a slight rise in EBIT, as compared with the year-ago period.

($1 = €0.68)

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By: Isha Jha
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