Lanxess reports profits down by 69%, sales down by 30% in Q2

ERJ staff report (DS)

Leverkusen, Germany -- Lanxess AG has reported sales down by 30 percent, to euro 1238 million in the three months ended 30 June 2009. This figure is up by 17.5 percent on the first quarter, but compares with euro 1765 million in the same quarter a year ago.

Corporate operating profit (EBITDA) fell by half, to euro 112 million, while net income was euro 17 million , a fall of almost 70 percent compared with the same period a year earlier.

The company no longer breaks out rubber activities from the rest of its operations. For the Performance Polymers segment, which comprises the company's rubber activities, Lanxess said, "the negative effects seen in the first three months - such as customer destocking and inventory write-downs - levelled off." On a year-on-year basis, segment sales fell 38 percent to euro 559 million and EBITDA pre exceptionals fell 59 percent to euro 52 million.

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Press release from Lanxess