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Lanxess raises H2 EDITDA pre exceptionals forecast
11
Aug '16
German specialty chemicals company Lanxess raised its second half of 2016 EDITDA pre exceptionals forecast to a range of €930 million and €970 million as against between €900 million and €950 million announced earlier.

In the three months to June 30, 2016, EBITDA pre exceptionals increased 8.5 per cent to €293 million, as compared with €270 million in the year ago period, while EBITDA margin grew from 12.8 per cent to 15.1 per cent.

“The good overall performance was due particularly to the strong development of the new Lanxess segments like Advanced Intermediates, Performance Chemicals and High Performance Materials,” the company said.

In the second quarter of 2016, net income stood at €75 million, while adjusted for exceptionals, net income amounted to €76 million vis-à-vis €67 million in the prior year's second quarter.

However, sales declined 7.7 per cent in the reporting quarter to €1.94 billion versus €2.1 billion in the earlier year's comparable quarter.

“Lower procurement prices for raw materials were passed on to customers, but higher volumes could not compensate for price reductions and the slightly unfavourable currency effect of the US dollar,” it explained. (AR)

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