28 October 2009 10:27 [Source: ICIS news]
LONDON (ICIS news)--Sud-Chemie posted an 8.5% year-on-year drop in operating profit for the first nine months of the year to €73.2m ($107.7m) due to a fall in volumes and prices, the German specialty chemicals company said on Wednesday.
However, the company's operating profit (or earnings before interest and tax [EBIT]) was an improvement on the 26.4% year-on-year fall reported at the half-year stage.
Sud-Chemie’s nine-month earnings before interest tax, depreciation and amortisation (EBITDA) increased 3.8% year on year to €117.2m, partly due to the purchase of BASF’s catalyst plant in ?xml:namespace>
The company’s revenue for the nine-month period ended 30 September fell 8.3% year on year to €792.1m.
“Both the decrease in volume sales and production and the resulting idle capacity had a negative impact on earnings, as did negative effects accruing from restructuring measures,” the company said in a statement.
The company added the global recession had a serious affect on the results.
“We did, however, succeed in mitigating the impact of the in some cases substantial drop in demand in our customer markets, thanks mainly to our leading market positions and measures introduced at an early stage to safeguard earnings potential,” it added.
($1 = €0.68)
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