Germany’s LANXESS Q3 net profit falls 88% on lower product prices

12 November 2013 08:12  [Source: ICIS news]

SINGAPORE (ICIS)--German specialty chemicals maker LANXESS reported on Tuesday an  88% year-on-year decline in its third-quarter net income to €11m ($15m), because of lower product prices and negative currency effects.

Its sales fell by 5% year on year to €2.1bn in the September quarter, while pre-exceptional earnings before interest, tax, depreciation and amortisation (EBITDA) were down by 26.4% at €187m, the company said in a statement.

“Prices fell particularly in the rubber businesses belonging to the segment performance polymers. Negative currency effects, mainly related to the weakness of the US dollar, also had an impact,” it said.

The company now expects its pre-exceptional EBITDA to be between €710m and  €760m – which is within the previous forecast of €700m-800m.

($1 = €0.75)

By: Nurluqman Suratman

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