Germany’s Brenntag '10 profit soars on better capital structure

17 February 2011 07:58  [Source: ICIS news]

SINGAPORE (ICIS)--German chemical distributor Brenntag said on Thursday it posted a record profit after tax of €146.6m ($198m) in 2010, up from €500,000 in 2009, as its costs structure became more efficient.

Profit before tax increased nearly fivefold to €231.8m in 2010 from €47.1m in the previous year, as interest costs markedly declined after an improvement in its capital structure following Brenntag’s initial public offering (IPO) in March 2010, it said.

Sales last year grew by 20.2% to €7.65bn, while operating earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 25.5% to €602.6m, the company said.

EBITDA was 25.4% higher in 2010 at €597.6m, it said.

The full-year results were also boosted by the earnings contribution of acquisitions, Brenntag said.

“With the background of a growing world economy and the continuation of the positive trends in the chemical distribution industry, Brenntag expects a continued positive earnings development in 2011,” the company said in a statement.

Brenntag said it would publish its 2010 annual report on 24 March 2011.

($1 = €0.74)

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By: Pearl Bantillo
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