Germany’s Wacker Q2 net profit slumps 57.5%, sales down 7.8%

25 July 2012 06:47  [Source: ICIS news]

SINGAPORE (ICIS)--Wacker Chemie’s second-quarter net profit shrank by 57.5% year on year to €60.6m ($73m), with sales falling 7.8%, the German specialty chemical producer said on Wednesday.

Sales for the three months to June totalled €1.22bn, with earnings before interest, tax, depreciation and amortization (EBITDA) falling 26% to €240.5m, the company said in a statement.

Operating profit for the June quarter decline 48.7% year on year to €110.3m, it said.

“Sales trends were dampened by significantly lower prices, especially in the solar-silicon and semiconductor-wafer businesses. Overall volumes were also slightly down a year ago,” Wacker said.

In the first six months of 2012, Wacker said its net profit was down 67.6% to €100.6m, with sales 7.7% lower at €2.42bn.

EBITDA for January-June 2012 fell 33.1% to €452.3m, while operating profit for the period slumped 58.2% to €192.7m, the company said.

“For the rest of the year, Wacker anticipates a general economic environment that will be challenging and marked by uncertainty,” it said.

The company now expects its full-year 2012 sales to be “slightly below” last year’s figure, while EBITDA to be well below the previous year’s levels, the company said.

 ($1 = €0.83)

By: Pearl Bantillo
+65 6780 4359

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