Degussa’s sales of E338m are unchanged from the first-quarter last year

Degussa’s sales of E338m are unchanged from the first-quarter last year

Degussa’s speciality plastics business, which includes polyamides, PBT and acrylics, has reported a flat start to the year. First-quarter results show sales, at E338m, are unchanged from the same period last year. However, profitability (earnings before interest and tax) dipped by E3m to E43m.

Earnings fell in both the high-performance polymers and methacrylates businesses. Degussa blamed this on higher raw material costs and adverse exchange rates. Only its Plexiglas division (PMMA) managed to improve profitability, the company said.

The polymer division’s sales for 2003 were flat at E1.3bn. However, Degussa expects “clear recovery in all business units” during 2004. The company recently signed a deal to develop high-temperature polymers in China (PRW.com 4 May 2004).