Record quarterly results at Lanxess
Specialty chemicals company Lanxess has posted improved financial results for its second quarter.
Net income was €53 million in the second quarter, against a net loss in the prior-year period related to the divestiture of the Lustran Polymers business unit.
Sales rose by 2.2% from €1.73 billion in the prior-year period to €1.77 billion. Adjusted for portfolio changes and negative currency effects operational sales climbed 14%.
Sales gained strongly in the Asia-Pacific region rising 4.2% to €323 million (Q2 2007: € 310 million), while second quarter sales in the Americas region increased 9.3% from €430 million to €470 million. Sales in the EMEA region, excluding Germany, rose 4.2% to €591 million compared with €567 million for the same period last year. However, domestic sales fell 9.3% to €381 million compared with €420 million in the second quarter of 2007.
“Lanxess generated very good earnings in the second quarter of 2008 and resolutely maintained its course of profitable expansion. The group is optimally positioned to stand up well in an increasingly difficult market environment,” said Axel Heitmann, chairman of the board of management.
In the first six months of 2008, net income climbed €124 million compared with the first half of 2007 to €156 million. Sales came in at €3.3 billion, just below the previous year’s figure of €3.4 billion. On an adjusted basis, half-year sales rose by 11.1%.
