Sales volumes slump but strong operating results announced at Cognis
Speciality chemicals manufacturer announces mixed results for the first half of 2009
Speciality chemicals manufacturer Cognis has announced mixed results for the first half of 2009.
Sales volumes for the period slumped 7.8% on the previous year, with sales falling 13.9% to €2,584m. The global economic crisis and weak demand in some end markets were blamed for the result.
However the company announced a 3.6% increase in its adjusted operating result, reaching €364m; and an increase in earnings before tax of €3m to €195m. Operating cash flow for the same period increased by €260m to €488m.
Within the Care Chemicals division sales dipped 13.4% to €1,457m due to lower sales volumes and a drop off in demand from many business segments. The personal care sector remained resilient however, with volumes staying stable, according to Cognis.
“Our strategy and the restructuring of our portfolio have really paid off during this time of crisis,” commented Cognis ceo, Antonio Trius. “Amid the uncertainty of 2009, our business model and new organisational structure have proven themselves highly resilient and agile.”
However Trius warns of further economic instability in the coming months. “We expect the markets to remain volatile in 2010, although we have made an excellent start to 2010,” he concluded.
