Dutch DSM Q2 net profit balloons to €149m

03 August 2010 07:53  [Source: ICIS news]

SINGAPORE (ICIS)--Dutch producer DSM said on Tuesday its second-quarter net profit surged to €149m ($196m) from just $10m in the previous corresponding period, on the back of a 28% jump in sales.

Sales for the three months to June stood at €2.27bn from €1.77bn in the same period last year, as revenues on almost all its business segments recorded double-digit growths, it said.

Polymer intermediates had the biggest year-on-year gain in sales at 68% to €362m, followed by performance materials, which recorded a 41% jump in sales to €644m, DSM said.

"Operating profit increased by more than 25% compared to the first quarter and for the current business portfolio it was the best quarter in DSM's history,” DSM chairman Feike Sijbesma said in a statement.

Operating profit in the June quarter nearly tripled year on year to €246m from €85m in the same period last year, DSM said.

For the first half of the year, DSM recorded a net profit of €279m on sales of €4.33bn.

Operating profit for the six-month period grew to €440m from €127m in the same period a year earlier.

Sijbesma said that while the company “remains vigilant about the broader macro economic developments”, 2010 was expected to be “a strong year” for DSM.

($1 = €0.76)

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By: Pearl Bantillo
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