Cognis Jan-Sept net profit soars to €184m on sales volumes, demand

25 November 2010 11:23  [Source: ICIS news]

Cognis Jan-Sept profits jumpLONDON (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.

German chemical major BASF said in June that it had concluded an agreement with Cognis to acquire it for €3.1bn. The deadline for the approval of the deal by the European Commission is 30 November.

($1 = €0.75)

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By: Hilde Ovrebekk
+44 20 8652 3214

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