Germany’s Brenntag Q3 profit up by 54% on solid earnings growth

10 November 2011 07:09  [Source: ICIS news]

SINGAPORE (ICIS)--German chemical distributor Brenntag reported on Thursday a 54% year-on-year increase in its third-quarter after-tax profit to €66.7m ($90.1m) as all regions reported strong earnings growth, with the exception of Europe.

The company’s sales grew by 9.67% year on year to €2.22bn, while its operating earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter rose by 3.93% to €166.6m on a reported basis, the company said in a statement.

The firm’s operating EBITDA from Europe were at about the level seen in the third quarter of 2010 on the back of weakening macroeconomic growth in the region, Brenntag said.

On a year-on-year basis, the company’s operating EBITDA from Latin America, North America and Asia-Pacific saw double-digit growth in the third quarter of this year, the firm said.

For the nine-month period ending September this year, the firm’s operating EBITDA rose by 13.2% year on year to €492.4m based on constant exchange rates as sales increased by 16.5% to €6.52bn, the company said.

Brenntag is confident of achieving €650m-670m in operating EBITDA on a full-year level, assuming the global economy does not fall into a recession and there will be no major changes in the average US-dollar exchange rate for the remainder of this year compared with the first half of 2011, the company added.

($1 = €0.74)

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By: Nurluqman Suratman

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