06 November 2012 07:55 [Source: ICIS news]
SINGAPORE (ICIS)--DSM’s net profit fell by 53% year on year to €81m ($104m) in the third quarter of this year as earnings continued to be weighed by the effects of the global economic downturn, the Dutch specialty chemical maker said on Tuesday.
The company’s net sales slipped by 1% year on year to €2.3bn in July-September this year, while its earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 20% at €270m, the company said in a statement.
"Despite a challenging global trading environment, DSM continued to generate good results mainly driven by our Nutrition cluster,” said Feike Sijbesma, the CEO of DSM.
For the nine months ending September this year, the company’s net profit fell by 63% year on year to €267m, while sales was up by 1% at €6.86bn, the company said.
Its EBITDA for January-September 2012 was down by 16% year on year at €866m, it said.
“Overall, DSM remains cautious about the economic outlook for the remainder of 2012,” the firm said.
“DSM’s expectations for the year are largely in line with its previous guidance, with the exception of ongoing weakness in caprolactam which also affects the performance materials cluster,” it added.
($1 = €0.78)
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