08 February 2013 10:52 [Source: ICIS news]
LONDON (ICIS)--EMS Group’s net income rose 12.7% in 2012 to Swiss francs (Swfr) 273m (€221.13m, $297.57m) compared to the previous year, on the back of increased sales outside of Europe and strong high performance polymers business, the Switzerland-based producer said on Friday.
Net sales for the year were also up 5.9% compared to 2011 at Swfr1.8bn, while earnings before interest and taxation (EBIT) was up 8.4% year on year to Swfr319m. The rise in EBIT was driven by new business for high-margin specialty products such as polymers, EMS added.
The positive year-on-year results were a result of increased net sales outside of Europe, which is an “increasingly difficult” market for performance polymers and specialty chemicals, according to the company.
EMS said in September 2012 that Europe is likely to face a protracted period of economic weakness, with the crucial automotive market singled out by the company as particularly weak.
Asia and North America are likely to be more promising prospects for 2013, EMS said, adding that it is to launch an international sales and development drive in the medium term to further expand its presence in other markets. Net sales and EBIT for 2013 are predicted to be slightly above 2012 levels, the company added.
“While the markets in Asia and North America may develop in a positive way, increasing unemployment and structural problems of competitiveness in western Europe will have a negative effect on consumer behaviour and the investment mood,” said EMS in its full-year results statement.
($1 = €0.75, Swfr1 = $1.09, Swfr1 = €0.81)
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