Evonik optimistic on 2012 outlook, despite decline in Q1 profit – CEO

11 May 2012 15:23  [Source: ICIS news]

LONDON (ICIS)--Evonik is optimistic about its full-year 2012 outlook, despite a year-on-year decline in first-quarter sales and net income, the company’s CEO said on Friday.

“We are very confident about 2012," CEO Klaus Engel said.

Engel said that Evonik is more optimistic than it was at the beginning of the year because the dip in business registered in the 2011 fourth quarter did not continue into the first quarter.

“On the contrary, there was a perceptible uptrend,” Engel said.

Engel said that Evonik’s first-quarter operating performance improved considerably compared with a relatively weak 2011 fourth quarter.

In many areas of business, demand picked up perceptibly compared with the previous quarter, he said.

Overall, Evonik expects to report slightly higher sales in 2012 than in 2011, Engel said.

Operating results will probably be in line with or slightly above the strong 2011 level, he added.

Evonik’s 38% year-on-year decline in 2012 first-quarter net income was largely due to asset impairments in photovoltaics and an unfavourable comparison with a strong 2011 first quarter.

Meanwhile, Evonik's owners are considering an initial public offering (IPO) for the Essen-based producer, with a final decision expected later this month.

By: Stefan Baumgarten
+1 713 525 2653

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