Swiss Clariant Q3 net profit falls by 40% as global economy weakens

31 October 2012 07:34  [Source: ICIS news]

SINGAPORE (ICIS)--Swiss speciality chemicals maker Clariant on Wednesday reported a 40% year-on-year fall in its third-quarter net profit to Swiss franc (Swfr) 49m ($53m) on the back of a deterioration of the global economy.

The company’s sales rose by 3% year on year to Swfr1.92bn in the third quarter, while its earnings before interest, tax, depreciation and amortisation (EBITDA) before exceptional items fell by 7% to Swfr201m, it said in a statement.

“Given the further deterioration of the global economy, in which slower emerging markets growth could not offset anymore a weakening in Europe, Clariant achieved a solid performance in the last three months,” the company’s CEO Hariolf Kottmann said.

For the first nine months, the company’s net profit slumped by 42% year on year to Swfr139m, despite a 7% increase in sales to Swfr5.85bn.

“For the full-year 2012, Clariant expects flat sales growth in local currencies and an EBITDA margin before exceptionals slightly ahead of the level after nine months,” the company added.

The company’s EBITDA margin before exceptional items fell to 11.5% in the first nine months of 2012 from 13.5% in the same period last year.

($1 = Swfr0.93)

By: Surinder Malhi
+65 6780 4327

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