29 July 2010 13:19 [Source: ICIS news]
LONDON (ICIS)--Bayer MaterialScience more than tripled its second-quarter earnings as sales for its polyurethane (PU) feedstocks and polycarbonates (PC) products continued to rise in all regions following the global economic crisis, the German specialty chemicals maker said on Thursday.
Bayer MaterialScience said its second-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) before special items more than tripled from the same quarter last year to €371m ($481.8m).
“This success was based on the substantial expansion of volumes and the associated clear improvement in capacity utilization, as well as on higher selling prices and efficiency improvements,” the company said.
MaterialScience's business with raw materials for PU foams improved by a currency-adjusted 37% year on year due to an expansion of volumes, while increased selling prices in Asia-Pacific and Europe helped offset price declines in North and ?xml:namespace>
Additionally, growth in MaterialScience's PC business was even stronger, with sales of high-performance plastics having climbed by a currency-adjusted 59.4%.
The division's business with raw materials for coatings, adhesives and specialties experienced a sales increase by a currency-adjusted 37.3%.
“This very gratifying improvement was due especially to the considerable increase in demand in our primary customer industries,” said Bayer managing board chairman Werner Wenning.
Bayer's second-quarter group net income fell 1.3% year on year to €525m, despite improved sales, due to special charges of €255m related partly to litigations at its HealthCare and CropScience divisions.
Bayer’s core earnings per share for the second quarter rose by 9.5% year on year to €1.15, it added.
Bayer’s shares were trading at €47.71 on the Xetra stock exchange at 11:35 GMT, down 0.91% from the previous close.
($1 = €0.77)
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