Merck KGaA Q3 net profit falls 26.8% but recovery seen

26 October 2009 08:52  [Source: ICIS news]

LONDON (ICIS news)--Merck KGaA on Monday reported that its third-quarter net profit fell 26.8% year on year to €148.1m ($221.0m), but the German specialty chemical and pharmaceutical company said it had started to see recovery in its markets.

“The third-quarter figures are showing improvement compared to the first half of 2009. Even in out chemical businesses, which were substantially impacted by the economic crisis, we see a clear trend toward recovery,” said Merck’s chairman and CEO, Karl-Ludwig Kley, in a statement.

Operating profit for the September quarter fell 28.2% to €222.2 on the same period last year, while sales were up 2.7% to €1.9bn.

The company’s Liquid Crystals division reported a third-quarter operating profit of €72m, down 36% on the same period last year but an improvement on the first two quarters of 2009.

“The continuing improvement is due in part to a general recovery in the global liquid crystal display (LCD) business,” the company said.

The Performance and Life Science Chemicals division reported a 44% year-on-year fall in operating profit to €21m, despite revenue for the division being down just 1.7% to €297m over the same period.

($1 = €0.67)

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By: Lucy Craymer
+44 20 8652 3214

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