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Late-Reporting European Firms Post Further First-Quarter Losses

11:54 AM MDT | May 22, 2009

Evonik Industries reported a first-quarter 2009 net loss of €46 million ($62 million) compared with profits of €284 million in the year-ago quarter on sales down 19%, to €3.2 billion. Evonik’s chemicals unit posted quarterly Ebitda down 49%, to €233 million and sales down 24%, to €2.2 billion. Evonik cites a sharp drop in volume. The chemicals business is still facing very difficult economic conditions, Evonik says. Solvay posted a 55% year-on-year fall in first-quarter net profits, to €98 million on sales down 16%...

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