Mumbai League English news | Mumbai League, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

LANXESS reports sales at Euro 1.899 billion in Q123Mumbai (Maharashtra) [India], May 29: The specialty chemicals company LANXESS has achieved its forecast earnings for the first quarter of 2023: EBITDA pre-exceptionals came to EUR 189 million, within the range of EUR 180 million to EUR 220 million forecast in March. Compared with the previous year’s figure of 262 million euros, earnings thus declined by 27.9 percent. Sales remained almost stable. They amounted to EUR 1.899 billion, down only 1.7 percent from the previous year’s figure of EUR 1.931 million.Earnings were squeezed in particular by weak demand in some customer industries, especially in construction, and continued destocking by many customers. This was particularly noticeable in the Advanced Intermediates and Specialty Additives segments. The Consumer Protection segment proved robust in comparison, with sales and earnings increasing despite slightly lower sales volumes. The Microbial Control business acquired from the U.S. company IFF in mid-2022 made a particularly positive contribution. LANXESS again successfully passed on the increased raw material and energy costs and benefited from positive currency effects in all segments.Free cash flow improved significantly by EUR 264 million year-on-year and amounted to EUR 112 million. This was supported by stable working capital despite a seasonal increase pattern. Net income from continuing operations reached EUR 10 million in the first quarter after EUR 66 million in the previous year. The EBITDA margin pre-exceptionals came to 10.0 percent, against 13.6 percent a year ago.“As expected, 2023 will be a tough year for the chemical industry and for LANXESS. Our figures for the first quarter make this very clear. It was, therefore, all the more vital that we transfered our high-performance plastics business to a joint venture as planned on April 1. We thus geared our portfolio further toward specialty chemicals and strengthened our balance sheet. This makes us even more resilient in the current difficult waters,” says Matthias Zachert, CEO of LANXESS AG. “However, I expect the economic situation to brighten considerably in the second half of the year, which will also be reflected in our earnings.”For the coming months, LANXESS anticipates an economically challenging environment still characterized by high levels of uncertainty. The Group, therefore, expects earnings in the second quarter of 2023 to be roughly on par with those of the first quarter. For the second half of the year, LANXESS expects a clear rebound of earnings based on a pick-up of the global economy and, in particular, a positive development of the Chinese market. Against this backdrop, the Group expects EBITDA pre-exceptionals of between EUR 850 million and EUR 950 million for the full financial year 2023.If you have any objection to this press release content, kindly contact pr.error.rectification[at]gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Mumbai LeagueFOLLOW

Mumbai league, Latest News

New Delhi [India], May 29 : Bombay Burmah Trading Corporation has said it has made a provision of Rs ... ...

PNN Pune (Maharashtra) [India], May 29: The construction industry has witnessed a transformative shift with the emergence of cloud ... ...

Mumbai (Maharashtra) [India], May 29: Music has always been an integral part of Indian culture, bringing people together from all ... ...

Mumbai, May 29 Coal and Mines Minister Pralhad Joshi on Monday said that from 500 million tonnes of ... ...

Mumbai, May 29 NBCUniversal (NBCU) and JioCinema, Viacom18's streaming service, have entered into a multi-year partnership bringing thousands ... ...

Mumbai (Maharashtra) [India], May 29 : Benchmark indices on the domestic equity market extended their bull run as investors' ... ...

Mumbai (Maharashtra) [India], May 29 : Fashion brand AJIO on Monday announced its flagship event 'Big Bold Sale' which ... ...

LANXESS reports sales at Euro 1.899 billion in Q123 Mumbai (Maharashtra) [India], May 29: The specialty chemicals company LANXESS has ... ...