DSM has strong 3rd qtr, but drug sales down
Dutch life and materials sciences firm DSM maintained strong results for the third quarter of 2008, compared to the same period of the year before, based on a 53% increase in nutritional sales, despite lower pharmaceutical turnover.
Net income was up 28% to 182.0 million euros ($232.2 million). Earnings per share rose an even greater 39% to 1.11 euros, due to a share buyback program. However, this left the firm's net debt increased to 1.89 billion euros versus 1.34 billion euros at the end of 2007. Revenue rose 9% to 2.4 million euros, including 104.0 million euros from the firm's nutrition business, and 22.0 million euros from pharmaceuticals, a reduction of 37%.
"Some end markets [are] more resilient than others, which is one of the main reasons for DSM's strategic shift to life and materials sciences," said chairman Feike Sijbesma. "Appropriate steps are being implemented to prepare for more difficult market conditions," he added.
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