Germany’s Evonik Q1 net profit rises 7%; sales dip 4%

08 May 2013 08:16  [Source: ICIS news]

SINGAPORE (ICIS)--Evonik posted a 7% year-on-year increase in its first-quarter net profit to €289m ($220m), the German specialty chemicals company said on Wednesday. 

The company’s sales fell by 4% to €3.26bn in the three months to March because of lower selling prices, the company said.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 10% to €589m, the company added.

CEO Klaus Engel said: “However, we expect business to pick up perceptibly in the second half of the year, partly because of a recovery in the global economy and partly because new production capacities will come on stream.”

($1 = €0.76)

By: Yaw Min Jie
+65 6780 4327

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