15 February 2012 06:46 [Source: ICIS news]
SINGAPORE (ICIS)--Switzerland-based specialty chemicals maker Clariant reported on Wednesday a 78.7% year-on-year drop in its fourth-quarter net income to Swiss franc (Swfr) 10m ($9.2m) despite higher sales partly because of unfavourable foreign exchange rate movements.
The company’s sales in local currencies for the fourth-quarter grew by 21%, while sales in Swiss francs were 13% higher at Swfr1.9bn, Clariant said in a statement.
Clariant’s earnings before interest, tax, depreciation and amortisation (EBITDA), before exceptional items in October-December rose by 41.8% to Swfr241m, the statement said.
“Due to the acquisition of Sud-Chemie and the strength of the business unit catalysis and energy in the third and fourth quarters, sales were higher in the second half [of the] year than in the first six months despite a significant slowdown in some businesses towards the year-end,” the statement said.
Clariant completed its 96.15% acquisition of Sud-Chemie on 21 April 2011.
In 2011, Clariant’s net income grew by 31.4% year on year to Swfr251m, while its sales rose by 3.5% to Swfr7.4bn, the statement added.
The EBITDA for 2011 was 8.2% higher compared with the same period in the prior year to Swfr975m, the statement said.
Clariant said it is expecting the results for the first half of 2012 to be lower compared with the same period in the previous year and an improvement in the second half of the year.
For the full year of 2012, the firm is expecting further sales growth in local currencies and sustained profitability, according to the statement.
($1 = Swfr0.92)
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