Germany's Wacker 2012 net profit down 70% as sales slip

14 March 2013 06:53  [Source: ICIS news]

SINGAPORE (ICIS)--Wacker Chemie’s net profit fell by 70% year on year to €106.8m ($138.7m) in the full year of 2012 as overall sales fell on the back of weaker prices for solar-grade silicon and semiconductor wafers, the German specialty chemical group said on Thursday.

The company’s sales fell by 5.6% year on year to €4.63bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) was down by 29% at €786.8m, it said in a statement.

The company did not disclose its fourth-quarter results.

Wacker projects its sales in 2013 to be at the “prior-year level – providing that trade barriers are not introduced in the solar industry and that semiconductor demand picks up in the second half”, the company said.

“EBITDA is likely to be below the prior-year level, primarily due to the lower prices for polysilicon and semiconductor wafers,”  it said.

The company also plans to invest around €600m both this year and in 2014, with the focus on completing its Charleston site in the US.

($1 = €0.77)

By: Nurluqman Suratman

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