Germany. Chemical producer Lanxess reported a net profit of 171 million euros (about $231 million) in 2008, despite difficulties in the markets and a sharp drop in business in the fourth quarter, said its general manager, Axel Claus Heitmann. This figure represents an increase of 53% compared to the 112 million euros (about US$151.9 million) registered during 2007.But despite the good consolidated results, the balance sheet for the fourth quarter does reflect a net loss of 41 million euros (US$55.3 million) compared to the third period. The situation was caused by the chaos generated in the markets at the end of the year.
"Our performance was especially rewarding in Brazil, where we acquired Petroflex, the most important Latin American producer of synthetic rubber," said Heitmann, who pointed out that "Petroflex scored an attractive contribution to profits in 2008," although he did not give specific figures.
Although specific growth projections for 2009 were not given, the company reported that it is executing plans to save 250 million euros, through the slowdown in production, the implementation of shorter working hours and the wage freeze.
