Germany's Evonik Q2 net profit rises to €264m on one-off expenses

08 August 2012 08:49  [Source: ICIS news]

SINGAPORE (ICIS)--Evonik’s net profit surged to €264m ($326m) in the second quarter of this year, compared with €94m in the same period a year earlier, the Germany-based specialty chemicals maker said on Wednesday.

The second-quarter 2011 net profit figure was impacted by high one-off expenses related with divestments, the company said in a statement.

The company’s adjusted net profit, after taking into account these expenses, fell by 33% year on year to €270m, it said.

The company’s overall sales fell by 9% year on year to €3.48bn, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 7% at €674m, the firm said.

For the first half of 2012, the company’s net profit rose by 2% year on year to €533m, while sales was down by 8% at €6.94bn, it said.

Looking ahead, the company said that risks relating to the European sovereign debt crisis are now higher.

“First signs of a drop in demand are already evident in Europe. In addition, growth prospects have deteriorated in Europe and some emerging markets,” it said.

“Overall, Evonik expects to report slightly higher sales for fiscal 2012. The operating results will probably be in line with or slightly above the excellent 2011 level,” the company added.

($1 = €0.81)

By: Nurluqman Suratman

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