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Net income nearly halves at Wacker Chemie in Q2
28
Jul '16
For the three months ended June 30, 2016, net income nearly halved to €58.9 million as against €108.2 million, from a year ago period at specialty chemicals producer Wacker Chemie AG.

The Germany based company posted sales of €1,386.2 million in the reporting quarter, compared to €1,370.5 million in the prior year's second quarter, up 1 per cent.

“This slight increase was primarily due to volume growth in silicones, polymer products and polysilicon, which enabled us to more than compensate for price declines,” the company said.

EBITDA for the second quarter of 2016 totaled €300.0, down 9 per cent from €329.0 million in the previous year's same quarter, but 31 per cent more than a quarter earlier.

According to Wacker, the year-over-year drop in EBITDA was predominantly due to the effect of advance payments retained and damages received a year ago.

The EBITDA margin for the quarter under review stood at 21.6 per cent, also down from 24.0 per cent in the corresponding quarter of 2015, but up from 17.4 percent in the first quarter of 2016.

Group earnings before interest and taxes (EBIT) amounted to €110.9 million vis-à-vis €187.9 million, yielding an EBIT margin of 8.0 per cent as against 13.7 per cent in the year ago period. (AR)

Fibre2fashion News Desk - India

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