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Cognis Releases Half-Year 2008 Results
August 27, 2008
1 Min Read
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MONHEIM, Germany Cognis announced its sales were up significantly for the first half of 2008, although its operating results were adversely impacted by rising raw material and energy costs increases and unfavorable exchange rates. Additionally, the company signed agreements for the sale of its Pulcra Chemicals subsidiary and its 50 percent stake in the Cognis Oleochemicals joint venture.
Among the highlights of the report:
Net sales up 7.0 percent to 1.533 billion euros (up 12.0 percent on an organic basis);
Higher sales across all three core business areas Care Chemicals, Nutrition & Health and Functional Products;
Operating result (Adjusted EBITDA) decreased by 5.1 percent to 176 million euros (currency adjusted down 2.4 percent on an organic basis) ;
Return on sales of 11.5 percent;
Earnings before interest and taxes (EBIT) down 5 million euros to 103 million euros; and
Net profit of 11 million euros, including 6 million euros of discontinued operations.
Cognis CEO Antonio Trius commented: In spite of the tough general market conditions, all our core business areas strengthened their position and recorded increased sales. ... Cognis continues to improve its efficiency, and sees the necessity to further increase its prices in the light of high raw material costs and the weak U.S. dollar. Concentrating on highly innovative, natural-based solutions for markets driven by the global wellness and sustainability trends will help us to add further value to our company in 2008.
Source: Cognis half-year results 2008
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