Cognis swings to first quarter net profit of €47m

26 April 2010 11:49  [Source: ICIS news]

LONDON (ICIS news)--Cognis has swung to a preliminary net profit of €47m ($62.6m) for the first quarter of 2010 from a net loss of €33m for the same period last year, the German specialty chemicals producer said on Monday.

Business conditions improved due to a pickup in worldwide demand, especially in Europe, Cognis said.

Total group sales increased 10.6% year on year to €728m, as volumes across all business sectors returned to similar levels as those experienced in the first quarter of 2008, it added.

Cognis ascribed the good start to 2010 and the positive development across all its business units and regions to its "excellent position focusing on the wellness and sustainability trends.”

“We expect to further improve our business performance in 2010 by providing added value to the customer through our innovative portfolio of ‘green’ products,” said Cognis CEO Antonio Trius.

Cognis’s care chemicals sales increased by 10% year on year to €407m for the first quarter of 2010, while the nutrition and health division's sales rose by 5.2% to €88m compared with the same period in 2009. Sales for the group’s functional products sector increased 14.1% to €229m.

Cognis said it would release detailed figures of its first quarter performance on 26 May 2010.

($1 = €0.75)

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By: Franco Capaldo
+44 (0)20 8652 3214

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