BERLIN (dpa-AFX) - Evonik Industries AG (EVK.DE), a German chemical company, on Thursday reported a narrower net loss for the second-quarter.
For the three-month to June 30, the firm posted a net loss of 5 million euros, narrower than a loss of 270 million euros, recorded for the same period last year.
The Evonik Tailor Made efficiency program that will contribute initial savings from the end of this year as the negotiations on the framework for job cuts in Germany have been concluded. The company also said it recognized provisions of 238 million euros in the second quarter to implement these reductions. The provisions are also largely responsible for the negative net income of 5 million euros for the second quarter.
Profit after taxes stood at 1 million euros as against last year's loss of 266 million euros.
Excluding items, earnings increased to 234 million euros from previous year's 123 million euros.
Earnings before income taxes stood at 62 million euros, compared with a loss of 285 million euros last year.
Adjusted EBIT surged to 329 million euros from 157 million euros a year ago.
Adjusted EBITDA was 578 million euros, higher than previous year's 450 million euros.
Sales climbed to 3.930 billion euros from 3.886 billion euros a year ago.
Sales in Specialty Additives rose by 4 percent to 944 euros million, driven by higher volumes.
Helped by higher volumes, sales in the Smart Materials division also moved up by 3 percent to 1.147 billion euros.
Looking ahead, for the third quarter, Evonik expects adjusted EBITDA to be on par with the second quarter.
For the full year, chemicals maker now expects adjusted EBITDA of 1.9 billion euros to 2.2 billion euros against earlier expectation of 1.7 billion euros to 2 billion euros.
Evonik still expects annual sales of 15 billion euros to 17 billion euros.
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