Holland's DSM sees 2010 'very good year' despite profit fall

2nd November 2010, Comments 0 comments

Dutch chemical and pharmaceutical group DSM said Tuesday its third quarter net profit plunged due to an unfavourable 2009 comparison but it was confident 2010 will be a very good year.

The company said its three months to September net profit tumbled to 77 million euros (107 million dollars), down from the year-earlier 374 million euros which was boosted by exceptional gains.

For second quarter 2010, DSM posted a net profit of 147 million euros.

Third quarter sales rose seven percent to 2.21 billion euros.

Earnings before interest and tax rose 14 percent to 188 million euros thanks to a "strong market focus, disciplined cost and cash management and a broadly improving business environment," managing board chairman Feike Sijbesma said.

"Based on the continued positive business environment, we expect 2010 to be strong year for DSM," Sijbesma said.

DSM manufactures chemicals used in nutrition, health care products, paint, electronics and housing.

It employed 22,403 people around the world at the end of the third quarter, 335 fewer than at end-2009.

© 2010 AFP

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