Germany’s Wacker Chemie Q1 net profit falls 76%, sales down 7.5%

04 May 2012 07:06  [Source: ICIS news]

SINGAPORE (ICIS)--German producer Wacker Chemie said on Friday its first-quarter 2012 net profit slumped by 76.2% year on year to €40m ($53m), with sales falling 7.5%.

Sales for the first three months of the year totalled €1.19bn, down from €1.29bn recorded in the same period in 2011, the company said in a statement.

Earnings before interest and tax (EBIT) in the March quarter of 2012 were down 66.5% year on year to €82.4m, with margins shrinking to 6.9% from 19.0% in the same period last year, it said.

“Aside from the effect of lower prices on revenues, the continued high cost of raw materials and energy was also a key factor holding back earnings in the quarter,” Wacker said in the statement.

For the whole of 2012, the company said its forecast for sales remains unchanged at about €5bn, with a lower earnings before interest, tax, depreciation and amortisation (EBITDA) compared with last year’s €1.1bn.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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