LEVERKUSEN (dpa-AFX) - Specialty chemicals company Lanxess AG (LNXSF.PK) reported Thursday that its second-quarter profit plunged 96 percent to 3 million euros from last year's 75 million euros, hurt by one-time exceptional charges. Earnings per share were 0.04 euro, lower than 0.82 euro a year ago.
Adjusted net income was 141 million euros, compared to 80 million euros in the second quarter of 2016.
EBITDA pre exceptionals increased 25.3 percent to 367 million euros primarily due to the earnings contribution from the newly acquired Chemtura businesses as well as to higher volumes and selling prices.
EBITDA margin pre exceptionals, meanwhile dropped to 14.6 percent from 15.1 percent a year ago.
Global sales of the company increased almost 30 percent to 2.52 billion euros from 1.94 billion euros a year earlier.
Looking ahead, the company confirmed its guidance for the full year 2017, and continues to expect EBITDA pre exceptionals between 1.225 billion euros and 1.3 billion euros.
LANXESS CEO Matthias Zachert said, 'We are overall well on track and continue to expect record earnings for the full year. However, compared with the very strong prior year, we are anticipating a slightly weakened momentum for the second half of 2017.'
Copyright RTT News/dpa-AFX