Germany’s Wacker Chemie Q1 net profit shrinks as sales fall 10%

30 April 2013 06:58  [Source: ICIS news]

SINGAPORE (ICIS)--Wacker Chemie’s first-quarter net profit shrank 87.8% to €5.1m ($6.7m), with its polysilicon business posting markedly lower sales and earnings, the German chemical firm said on Tuesday.

Sales for the March quarter fell 9.9% to €1.08bn because of lower prices, with earnings before interest, tax, depreciation and amortisation (EBITDA) down 22.9% to €164.5m, the company said in a statement.

Its polysilicon business generated €235.4m in sales in the first three months of the year, representing a 36% year-on-year decline, with EBITDA falling 65% to €52.5m.

“Solar-silicon prices in the first three months of 2013 were substantially below their prior-year levels. For silicon wafers, average prices were 7 [seven] percent below Q1 2012,” Wacker said.

For the whole of 2013, Wacker expects to generate the same sales of €4.63bn recorded in 2012, with EBITDA expected to fall short of the previous year’s level of €787m.

“Solar-silicon prices remain a major challenge. Business continues to develop positively at our chemical divisions,” Wacker CEO Rudolf Staudigl said in the statement.

($1 = €0.76)

By: Pearl Bantillo
+65 6780 4359

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