25 November 2010 11:23 [Source: ICIS news]
LONDON (ICIS)--Cognis recorded a net profit of €184m ($245m) during the first nine months of 2010, up from just €1m during the same period last year, due to increased sales volumes as a result of a rise in demand, the German specialty chemicals company said on Thursday.
Group sales surged 18.2% during the January-September period to €2.31bn, compared with €1.96bn in the first nine months of 2009.
Cognis said sales volumes increased by 10% year on year.
Operating profits rose to €345m, compared with €138m in the first nine months of 2009.
CEO Antonio Trius said the company had been able to take full advantage of high consumer demand.
“Our excellent performance was largely driven by our improved product mix, along with higher sales volumes and higher capacity utilisation,” he said.
“Due to the excellent performance of the first nine months of 2010, we expect to achieve a record full-year result,” Trius added.
($1 = €0.75)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections