03 November 2010 06:30 [Source: ICIS news]
SINGAPORE (ICIS)--Clariant's third-quarter net profit surged to Swiss francs (Swfr) 109m (€79.6m, $110.6m) from Swfr25m in the same period last year, partly on the back of a one-off tax gain of Swfr45m, the Switzerland-based specialty chemicals firm said on Wednesday
Sales for the three months to September totalled Swfr1.71bn, up from Swfr1.69bn in the year-ago period, with operating income before exceptional items increasing 70% year on year to Swfr182m, the company said in a statement.
In the January-to-September period, Clariant swung into profit of Swfr144m from a loss of Swfr127m in the corresponding period last year, it said.
Sales during the nine months meanwhile rose 10.6% year on year to Swfr5.42bn, it added.
In its outlook, the company said that it expected trading conditions to remain stable for the remainder of the year, with raw material costs likely to rise further at a lower pace as compared to the first nine months of the year.
“Clariant aims for a high single digit sales growth in local currency and an EBIT (earnings before interest and tax) margin before exceptionals of above 9% for the full year. The cash flow from operations will remain strong,” the company added.
($1=€0.71 / Swfr1=€0.73)
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