H&R Wasag sales down in nine-month period

ERJ staff report (RD)

Salzenbergen, Germany - Low-PAH oil producer H&R Wasag AG has seen sales drop 32.7 percent to Euro 544.9 million for the nine-month period (Q1-Q3 2009), “largely as a result of falling raw materials prices which were passed onto customers in the form of lower sales prices,” the company said 11 Nov. EBITDA increased by 12.2 percent to Euro 510 million, the statement added.

The company's Chemical-Pharmaceutical Raw Materials Division, which accounts for around 95 percent of consolidated sales, increased EBITDA by 13.6 percent to Euro 17.5 million, but fell short of the record quarter in the same period last year due to a cartel fine of Euro 22 million, H&S said.

“Even though the previous year's earnings were impacted by provisions for the cartel fine of Euro 22 million, we are very satisfied with earnings and development in the context of the current economic environment,” said Gert Wendroth, ceo of H&R Wasag.

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Press release from H&R Wasag AG