Dutch chemicals company DSM announced a 107% rise in third quarter net profit to 374 million euros (US$ 550 million) thanks to rising demand as markets start recovering.
"Most of DSM's businesses experienced a further improvement in demand," the company said. "The underlying trend can be described as a mixture of a clear recovery in some end markets, especially China where sales were 16% higher, and some downstream restocking in other areas."
DSM said its earnings before interest and tax (EBIT), fell 41% to 139 million euros from the third quarter of last year, though this was an improvement on the preceding three quarters.
Net sales were down 14% to just over two billion euros compared to last year, but five percent higher compared to the second quarter of 2009.
"We are alert that the economic climate remains uncertain and that the path of recovery is likely to prove uneven," DSM board chairman Feike Sijbesma said. "However, it seems that the first half of 2009 represented the low point for this recession and we are showing that we are well placed to capitalise as markets improve, which is also reflected in a strong sales volume development."
Copyright Agence France-Presse, 2009