Germany's Wacker Q3 net profit down 81% on lower product prices

31 October 2013 06:43  [Source: ICIS news]

SINGAPORE (ICIS)--Wacker’s net income fell by 81.3% year on year to €5.4m ($7.4m) in the third quarter of this year, with sales heavily pressured by lower prices for polysilicon and semiconductor wafers, the German producer said on Thursday.

Its sales fell by 3% year on year to €1.17bn in the third quarter, while earnings before interest and taxes (EBIT) was down by 51.6% at €35.1m, Wacker said in a statement.

“The main factor holding back Wacker’s July-through-September sales performance in 2013 was the unaltered low price level for solar silicon,” the company said.

“Prices were down about one-third from their prior-year levels. The sale of solar silicon from inventories diminished earnings, too. Silicon-wafer prices in the third quarter of 2013 were about 15% lower than a year ago,” it added.

Wackers’s full-year 2013 forecast remains unchanged and its expects to post sales in the region of €4.5bn, slightly less as compared with sales of €4.63bn in 2012.

($1 = €0.73)

By: Tahir Ikram
+65 6780 4359

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