May 8, 2018 / 5:16 AM / a year ago

DSM's Q1 net profit doubles on high vitamin prices

AMSTERDAM, May 8 (Reuters) - Dutch speciality chemicals company DSM on Tuesday said its net profit more than doubled in the first quarter to 331 million euros ($394.3 million), as supply disruptions at competitors drove prices for its vitamins substantially higher.

DSM confirmed preliminary figures which showed earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 56 percent to 538 million euros in the first three months of the year.

Last month, DSM raised its 2018 forecast for adjusted EBITDA growth to “toward” 25 percent, as it expects sales to keep rising and costs to fall, while the effect of high vitamin prices will likely ebb in the second half of the year. ($1 = 0.8395 euros) (Reporting by Bart Meijer; Editing by Subhranshu Sahu)

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