Evonik's H1 net income dives 92% to €43m on low sales

12 August 2009 09:54  [Source: ICIS news]

LONDON (ICIS news)--Evonik’s net income fell 92% year on year to €43m ($61m) for the first half of 2009 due to a substantial decline in sales, the German specialty chemical maker said on Wednesday.

Sales for the first half of this year fell 21% year on year to €6.3bn, while earnings before interest and tax (EBIT) fell 49% to €443m.

In the chemicals business, first-half sales dropped 22% to €4.6bn and earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 33% to €628m.

“Although a slight improvement has been seen in recent months, there is not yet any sign of a fundamental upturn,” said Evonik executive board chairman Klaus Engel.

“There has been a slight recovery in some areas of our chemicals business in the past few months compared with the extremely weak first quarter but it is still at a very low level,” he added.

Evonik had planned to save €300m in 2009 but it would do better than that, said Engel.

Full-year 2009 sales and earnings would be lower than in 2008 because of the economic crisis and reduced sales volumes, the company said.

“It is not possible to give a reliable quantitative forecast for sales and earnings,” the company added.

($1 = €0.71)

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By: Lucy Craymer
+44 20 8652 3214

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