30 March 2010 12:10 [Source: ICIS news]
LONDON (ICIS news)--Sud-Chemie has posted an 11.5% fall in its full-year 2009 earnings before interest and tax (EBIT) to €103.5m ($139.9m) due to a decrease in demand brought by the economic downturn, the German specialty chemicals company said.
The adsorbents, additives and catalysts supplier said 2009 revenue fell by 10% to €1.07bn due to a massive drop in demand in numerous customer segments as a result of the recession.
“In spite of the sharp economic downswing, we were able to hold our own comparatively well,” said Günter von Au, the company's chairman.
“In view of our fairly moderate drops in revenue and earnings, we reported a respectable performance compared with the industry average,” he added.
Sud-Chemie said Asia and the Middle East’s quick movement out of the recession, which manifested as a 10% rise in their combined revenue, mitigated the downturns in Europe and ?xml:namespace>
Despite other cost-cutting measures, the company's expenditure on research and development had actually increased by 10% to €57.7m compared with the previous year, thereby underpinning its long-term growth and innovation strategy in 2009, Sud-Chemie said.
Additionally the company said its catalytic technologies business unit had avoided the downward trend in the chemical industry due to its growing project-based business in the petrochemical and refining sectors, especially in
Looking ahead Sud-Chemie said its most important customer industry, the global chemical market, was again set for expansion and as a result the board was optimistic the company would return to its course of profitable growth in 2010.
($1 = €0.74)
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