04 November 2008 07:28 [Source: ICIS news]
SINGAPORE (ICIS news)--Germany’s Wacker Chemie reported a 42% year-on-year jump in third quarter net profits to €170.8m ($216.2m) backed by the strong sales at its polysilicon and semiconductor businesses, the Munich-based company said in a statement on Tuesday.
Third quarter earnings before interest, tax and amortization (EBITDA) and sales grew 21% to €327.5m and €1.16bn, respectively.
EBITDA margins were slightly up at 28.3% from 28.2% a year earlier.
The company has reiterated its 2008 forecast of achieving more than 10% increase in sales from 2007. Earnings should also exceed that of last year’s although Wacker anticipates the fourth quarter to be weak.
Sales for the nine-months-to-September period were up 15% to €3.30bn with net profits up 24% at €454.2m.
“The sustained strength of our polysilicon business is a major earnings driver,” said Rudolf Staudigl, group chief executive officer of Wacker Chemie
Staudigl said the company has an “extremely sound financial footing” that should allow it to proceed with its planned strategic growth.
“Wacker remains firmly on course to achieve its forecast goals despite the overall economy’s uncertainties and risks,” he said.
($1 = €0.79)
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