German lube blender Fuchs SE saw profit rise in the second quarter of the year as strong growth in the Europe, Mideast Gulf, and Africa and Americas markets countered ongoing pressure in Asia-Pacific.The blender’s profit before interest and taxes (EBIT) came to €97mn ($106mn) in the three months to end-June.Profit rose by 11pc from year-earlier levels and for a fourth straight quarter.The higher profit outpaced the 6pc rise in second-quarter sales.The rise in sales in turn outpaced the 5pc rise in costs. Sales growth outpaced costs for the first time since the beginning of 2021.With sales rising faster than costs, Fuchs’ profit margin of 11pc in the second quarter rose from 10.50pc during the same period last year.The profit margin in Europe, Mideast Gulf and Africa market rose to 9.10pc in the second quarter, up from year-earlier levels of 7.9pc.The profit margin in North and South America rose to 11.7pc, up from year-earlier levels of 11.3pc.The profit margin in Asia-Pacific fell to 10pc, from 12pc the same time a year earlier.Profit got a boost from strong growth in Sweden, US and Brazil.China’s restrained economic recovery impacted profit growth in the Asia-Pacific region..China’s June base oils demand rises .Base Oil News stories and analysis also available on ICIS platform
