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)
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