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)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections