Brenntag Q1 Profit, Sales Down

German chemical distribution company Brenntag AG (BNTGF.PK) Tuesday reported a decline in both profit and sales for the first quarter. However, the Group confirmed its operating EBITDA guidance for the full year.

For the quarter, the Group's pre-tax profit slid by nearly 11 percent to 139.3 million euros. Profit attributable to shareholders declined to 97.5 million euros from 113.7 million euros, and earnings per share slid to 0.63 euro from 0.74 euro last year.

The group attributed the reduction to a non-recurring, extraordinary increase in provisions related to a tax audit concerning past handling of alcohol taxes.

Operating EBITDA for the period declined by 14.2 percent to 300.3 million euros.

Brenntag's sales for the first quarter decreased 2.5 percent, on a reported basis, to 3.132 billion euros, while it was down 2.7 percent on an adjusted basis.

Looking ahead, the Group said it is confirming its operating EBITDA guidance to be in the range of 1.08 - 1.18 billion euros for the full year. The Group also expects both divisions to contribute to the growth of operating EBITDA.

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