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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections