29 February 2012 07:03 [Source: ICIS news]
SINGAPORE (ICIS)--DSM’s fourth-quarter net profit fell by 43% year on year to €85m ($115m), partly on lower earnings from its performance materials business amid a challenging economic environment, the Dutch chemicals producer said on Wednesday.
Net sales in the fourth quarter of 2011 inched up by 1% to €2.23bn, DSM said in a statement.
“The challenging economic environment impacted most materials sciences businesses, which in addition were affected by some inventory adjustments in the value chain,” the company said.
DSM’s polymer intermediates segment had an 18% year-on-year increase in operating profit before depreciation and amortization (EBITDA) to €79m, while earnings from its performance materials business declined 23% to €43m, it said.
For the whole of 2011, DSM net profit increased by 61% to €814m, with net sales up by 2% to €9.19bn, it said.
EBITDA at its polymer intermediates operations jumped 70% year on year to €380m, while its performance materials segment earnings grew 3.5%, the company said.
“2011 was another strong year for DSM despite the challenges of the global economy, adverse currency movements and high raw material costs,” said Feike Sijbesma, CEO and chairman of DSM, in the statement.
EBITDA for 2011 was 4% higher at €1.33bn, DSM said.
($1 = €0.74)
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