Cognis readjusts sales forecast despite solid Q3
Speciality chemicals supplier Cognis has admitted it expects its overall sales results for 2008 will be affected by the current economic downturn, despite posting a 7.3% growth in net sales for the first nine months of 2008.
Speciality chemicals supplier Cognis has admitted it expects its overall sales results for 2008 will be affected by the current economic downturn, despite posting a 7.3% growth in net sales for the first nine months of 2008.
Sales were recorded at €2.304bn for the third quarter of 2008, an organic growth of 12%. Higher sales across the supplier’s core business areas of Care Chemicals, Nutrition & Health and Functional Products contributed to the increase, with the Care Chemicals division reporting strong growth of 9.6% to €1.294bn.
Growth was fuelled by Cognis’ sales of Pulcra Chemicals and its 50% stake in Cognis Oleochemicals earlier this year.
“Within the first nine months of this year we managed to face the challenges by increasing selling prices, further optimising our costs and focusing ourselves on a growth strategy with profitable specialities,” commented Cognis ceo, Antonio Trius. “However, the current macroeconomic situation may consequently affect order patterns of our customers and therefore our results in December. Therefore we expect the overall results for 2008 to be lower than in 2007.”