DSM third-quarter net profit more than doubles to €374m

03 November 2009 07:47  [Source: ICIS news]

LONDON (ICIS news)--DSM more than doubled its third-quarter net profit year on year to €374m ($550m) mainly due to the sale of DSM’s Energie Holding, the Dutch specialty chemical maker said on Tuesday.

However, net profit before exceptional items for the three months ending 30 September fell 45% from the same period last year to €100m, while net sales fell 14% to €2.1bn.

The company’s nutrition division saw an improvement in earnings before interest and tax (EBIT) in the third quarter compared with the same period last year – it was up 14% to €119m.

DSM managing board chairman Feike Sijbesma said there was ongoing resilience in the nutrition sector and the company had seen further improvement in its materials sciences division compared with previous quarters.

“Our early action to reduce costs, our focus on cash and our commitment to innovation and China are paying off,” he added.

DSM said that following restructuring programmes that began in the third quarter of 2008, the company’s workforce had decreased overall by 1,147 people and now stood at 22,905.

“We are alert that the economic climate remains uncertain and that the path of recovery is likely to prove uneven. However, it seems that the first half of 2009 represented the low point for this recession and we are showing that we are well placed to capitalize as markets improve, which is also reflected in a strong sales volume development,” Sijbesma said.

“Our robust financial strength allows us to capture market opportunities as they arise,” he added.

($1 = €0.68)

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By: Lucy Craymer
+44 20 8652 3214

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