Linde's Q3 net earnings fall 4.7% but markets improving

02 November 2009 09:05  [Source: ICIS news]

LONDON (ICIS news)--Linde posted a 4.7% year-on-year decline in third-quarter net earnings to €182m ($268m) due to difficult market conditions, the German industrial gases company said on Monday.

The group’s sales for the three-month period ending 30 September fell 9.5% to €2.8bn on the same period last year.

However, the company added in a statement that the quarterly results were an improvement on the second quarter of 2009.

"The positive trends we were seeing at the end of the second quarter have continued to strengthen," said Linde’s CEO Wolfgang Reitzle.

"What's more, demand in our gases business is beginning to pick up again slowly,” he said.

While third-quarter operating profit remained stable year on year at €625m, sales for the division in the same period were down 6.9% to €2.3bn. The division benefited from the consolidation of Australian company Elgas.

Reitzle said it was clear that the 2009 financial year would not match the level of sales and earnings achieved in 2008.

“Nevertheless, based on our current figures, we expect our business performance in the second half of 2009 to be better than in the first half of the year," he added.

($1 = €0.68)

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By: Lucy Craymer
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