Germany’s LANXESS Q2 net profit surges to €131m

06 August 2010 07:25  [Source: ICIS news]

SINGAPORE (ICIS)--German specialty chemicals producer LANXESS reported on Friday a second-quarter net profit of €131m ($172m), representing a sharp increase from a €17m profit recorded in the previous corresponding period due to robust sales.

Sales for the three months ending June surged 48% year on year to €1.83bn, it said in a statement.

The company said it more than doubled its pre-exceptional earnings before interests, taxes, depreciation and amortisation (EBITDA) at €269m during the quarter on the back of strong demand for synthetic rubber in Asia and Latin America.

LANXESS said its plants ran at more than 85% of capacity in the June quarter.

“Higher raw material costs were fully passed on to customers through product price increases,” the company said.

LANXESS said it raised its full-year pre-exceptional EBITDA forecast to “roughly €800m” from €650m-700m.

($1 = €0.76)

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By: Pearl Bantillo
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