DSM profits - make way for Vision 2005
€959 million. DSM Food Specialties and DSM Bakery Ingredients
posted improved operating profits on the same period last year.
Dutch life science company DSM has posted a profit of €102 million for the second quarter of 2002, representing a rise of 12 per cent from the same period last year, and a net profit of €959 million, including an extraordinary profit of €840 million. Although DSM Fine Chemicals posted slightly lower sales and a lower operating profit, which was attributable to the pharma products and aspartame businesses, DSM Food Specialties and DSM Bakery Ingredients posted improved operating profits.
Commenting on the results, DSM Managing Board chairman Peter Elverding said: "The operating profit for the second quarter was at the upper end of our forecast. An important milestone in this quarter was that at the end of June we completed the sale of our petrochemicals business to SABIC entirely according to plan.
We are now even better placed, in both strategic and financial terms, to take further steps towards the realisation of our Vision 2005 strategy."
With regard to the outlook for 2002 he said: "Economic recovery is still hesitant, and the lower exchange rate for the dollar is not to our advantage. Nevertheless, I expect DSM's operating profit on ongoing activities for 2002 as a whole to be substantially better than last year on a comparable basis."