MUNICH (dpa-AFX) - Inventory reductions by customers also weighed on Wacker Chemie toward the end of last year. Earnings before interest, taxes, depreciation and amortization (Ebitda) of 360 million euros in the fourth quarter were below the average analyst estimate of 420 million euros, the company said Monday, based on preliminary figures. This is also significantly less than a year earlier. For the full year, this results in an operating profit of around 2.1 billion euros. Although this is slightly less than the just under 2.15 billion euros expected by analysts on average, it represents a year-on-year increase of more than a third.

In addition to higher selling prices, the MDax group benefited from its cost-cutting program. This was offset by a year-on-year increase in the burden of costs for energy, raw materials and logistics of around 1.3 billion euros. After a brief slide, Wacker Chemie shares recovered and even turned positive./mis/jha/