Limburg-based specialty chemicals group DSM on Tuesday announced turnover down 7% and a drop in net profit of 52% at €81m.
The results are worse than analysts expected and are particularly affected by the polymers division which makes raw materials for synthetic fibres and materials, a sector hit by lower prices and fewer orders.
According to board chairman Feike Sijbesma, DSM has done well despite the difficult global market circumstances.
The restructuring programme is on schedule and should provide savings of €150m in 2014, the company says.
In addition, there has been a €2.3bn investment in a number of takeovers, particularly in the food sector. These should make DSM stable in a still uncertain global economy, the company said in a statement.