Hempel operating profit fell by 7 per cent
MARITIME INDUSTRY: Hempel's operating profit was EUR 89 million in 2008. This was strongly affected by non-recurring items, including the accrual for closing down the production facility in Denmark and the amortisation of the trademark of Lacor.
Essentially, 2008 was divided into two sections for Hempel, especially its Container segment, which was strong at the beginning of 2008, before sales declined considerably in the latter part of the year. However, net sales for all Hempel's other segments increased.
A total of 273 million litres of paint were sold, compared to 289 million litres in 2007. Group revenues fell by 1 per cent to EUR 916 million to EUR 89 million. Net profit fell by 18 per cent to EUR 57 million - up by 2 per cent before non-recurring items.
"There is no escaping the fact that 2009 and 2010 promise to pose some very real challenges. But if we maintain our focus on efficiency and continue to provide high-quality products and a high level of service, we will emerge as a stronger company", says Hempel Group President and CEO Pierre-Yves Jullien.
Source: Hempel
