DSM to cut costs after profit decline

Chemicals company DSM said on Tuesday it would undertake further cost cutting measures as first-quarter operating profit fell 76% to €57m.

Net profit fell from €162m in the first three months of 2008 to just €13m. Sales were down from €2.33bn to €1.84bn, the company said in a statement.
DSM now plans to cut its cost by a further €25m, bringing the total to €125m. Job losses will now total 1,250, the company said and further job losses cannot be ruled out.

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