21 March 2013 10:16 [Source: ICIS news]
LONDON (ICIS)--Germany-based specialty chemicals manufacturer LANXESS cofirmed on Thursday that its net income for 2012 increased 2% year on year to €514m ($668m), driven by strong emerging markets sales growth and solid agrochemicals demand.
The company posted a 7% increase in earnings before interest, taxes, debt and amortisation (EBITDA) before exceptional items to €1.23bn, while sales increased by 4% to €9.09bn.
LANXESS’ performance in the Asia Pacific region, which it described as a “stabilising” factor in 2012, included a 10% sales increase to €2.2bn, including sales of over €1bn in the China, Hong Kong and Taiwan region.
However, the company noted that global demand had been lower in the second half of 2012, a trend which has continued into 2013, leading it to warn that EBITDA before exceptional items would be “significantly” lower than the first quarter of 2012.
LANXESS posted EBITDA of €369m in the first quarter of 2012, its strongest quarter on record, whereas current guidance for this quarter stands at between €160m and €180m. This figure factors in the €20m start-up costs of the company’s new butyl rubber plant in Singapore.
($1 = €0.77)
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