03 March 2009 14:01 [Source: ICIS news]
LONDON (ICIS news)--German industrial gases and engineering group Linde has reported a 24.7% drop in after tax profits for the full year of 2008 to €717m ($896m), with earnings per share down 26% at €4.27, the company said on Tuesday.
Earnings before tax were down 26.8% at €1.0bn, driven lower by a disposal gain of €59m in 2008 compared with a gain of €607m in 2007.
Linde said operating profits for 2008 were up 5.4% at €2.6bn on a 2.9% increase in sales to €12.9bn.
"We have achieved our targets in full, although even we began to feel the effects of the global recession at the end of the year," said CEO Wolfgang Reitzle.
Linde management did not give an outlook on release of the preliminary figures but Reitzle said that due to the company’s focus on gases and engineering and the global orientation of the business, it was better able than previously to cushion the impact of unfavourable economic conditions.
Linde is due to report in full on the 2008 financial year on 16 March.
($1 = €0.80)
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