DSM profits down 71% in Q2

Chemicals concern DSM announced on Tuesday that its profit in the second quarter of 2009 fell 71%, compared to the same period last year, to €79m.

The result was in line with analysts’ expectations, according to press reports.
Turnover in the same period fell 20% to €1.95bn, said DSM.
The company declined to give a forecast for the full year because of uncertainty over the economy. The interim dividend for 2009 remains €0.40 per ordinary share.
In December 2008 DSM announced cost-saving measures to tackle the effects of the economic downturn and strengthen its competitive position.
Announcing its results on Tuesday, DSM said that it will ‘clearly exceed the increased cost savings target of €125m’ which is to be fully achieved by 2010. In total the cost cutting measures are expected to result in a loss of 1,250 jobs, the company said.
By the end of the second quarter of this year some 500 jobs had been shed bringing the total workforce to 23,017.
In a statement, DSM chief Feike Sijbesma said: ‘Although there is little sign of improving demand across many end-markets, Q2 earnings were up sharply compared with the first quarter…DSM is staying the course, even in these challenging times.’

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