Germany’s Altana halves nine-month profit to €47.5m

05 November 2009 07:51  [Source: ICIS news]

SINGAPORE (ICIS news)--Altana Chemie more than halved its net profit in the first nine months of 2009 to €47.5m ($70.9m) compared to the same period last year due to poor sales, the German specialty chemicals producer said on Thursday.

Sales fell 18% year on year to €872.2m, with operating income down 52% to €76.8m.

The company cited “clear recovery of the business” in the third quarter, when sales and earnings grew compared to the June quarter.

“However, [the results were] not strong enough to compensate for the bad results particularly from the first quarter of 2009,” Altana said in a statement.

”Our business model has proved to be robust in the crisis. However, it will take time, also at ALTANA, to return to the sales and earnings levels of 2007 and 2008,” said Altana's CEO Matthias Wolfgruber.

The company said it still expects sales and earnings this year to be significantly lower than 2008 levels .

($1 = €0.67)

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