Germany's Evonik Q3 net profit up 5%; sales down 6%

09 November 2012 08:30  [Source: ICIS news]

SINGAPORE (ICIS)--Evonik’s net income rose by 5% year on year to €355m ($455m) in the third quarter of this year, despite sales being pressured by the divestment of the firm’s carbon black business, the German specialty chemicals maker said on Friday.

The company’s sales fell by 6% year on year to €3.42bn in the third quarter, while adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was down by 2% at €731m, the company said in a statement.

Evonik’s carbon black business was divested in July 2011.

For the first nine months of this year, the company’s net income rose by 3% year on year to €888m, with sales down by 8% at €10.4bn.

Its adjusted EBITDA for January-September 2012 was down by 7% at €2.1bn.

Looking ahead, Evonik said that it expects global economic growth in the fourth quarter to be lower than in 2011, weighed by risks relating to the eurozone debt crisis and poorer growth prospects in some emerging markets.

“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,” it added.

($1 = €0.78)

By: Nurluqman Suratman

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