LANXESS posts marginal rise in Q1 EBITDA

14 May 2008 08:19  [Source: ICIS news]

MUMBAI (ICIS news)--Germany's LANXESS has posted a marginal year-on-year rise its first-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) to €220m ($338.5m) from €219m on higher prices and increased volumes, it said on Wednesday.

"Through our strict alignment toward premium products with leading market positions, we once again achieved above-average corporate success in a challenging market environment," said LANXESS chairman Axel Heitmann.

For the quarter, the company’s sales were down 10.3% to €1.54bn, while its net income rose 13.2% to €103m, the chemicals major said.

The company said that the higher product prices and increased volumes more than offset high raw material values and negative currency effects.

While LANXESS anticipated a slowdown in global economic growth in 2008, it believed that robust demand in the Asia-Pacific region would help it boost sales and post a full-year EBITDA of over €700m.

($1 = €0.65)

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