Germany’s Brenntag posts 15% drop in Q2 net profit; sales up 2.2%

07 August 2013 06:47  [Source: ICIS news]

SINGAPORE (ICIS)--Brenntag’s second-quarter net profit declined by 15.1% year on year to €68.7m ($91.6m), despite a 2.2% increase in sales, the German chemical distributor said on Wednesday.

Sales for the June quarter stood at €2.54bn, while its operating earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 8.3% to €169.1m, Brenntag said in a statement.

“Growth of sales and gross profit continued whilst EBITDA was somewhat effected by the non-recurring adjustment for just under €17m increase in provision,” Brenntag CEO Steven Holland in the statement.

“We do not see the promise of any significant improvement in the macroeconomic environment but we remain positive and confident about the underlying market opportunities and resilience of our business leading to further growth of the group overall.”

($1 = €0.75)

By: Tahir Ikram
+65 6780 4359

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