Swiss specialty chemicals firm Clariant AG (CLZNF.PK,CRN.L,CLZNY.PK) Wednesday said net income for the second quarter increased to 70 million Swiss francs from 40 million francs in the prior year.
Net income attributable to shareholders increased to 64 million francs from 38 million francs. Earnings per share grew to 0.21 francs from 0.14 francs.
Sales improved to 1.978 billion francs from 1.870 billion francs. Sales in local currencies grew 8 percent as reported and rose 2 percent excluding acquisitions. Overall, the performance is as expected at the beginning of the year, Clariant noted.
The slow-down in global economic growth and the crisis in Europe did not materially impact the non-cyclical Business Units Catalysis & Energy, Functional Materials, Industrial & Consumer Specialties and Oil & Mining Services. However, the cyclical businesses were impacted by lower volumes, leading to a volume decline of 1 percent at the group level.
CEO Hariolf Kottmann said, ''In the first half of 2012 Clariant delivered a solid performance as expected at the beginning of the year, driven by good growth in the non-cyclical part of the portfolio, offsetting lower volumes in the more cyclical businesses.''
The firm confirmed its expectation of an increasing profitability in the second half-year compared to the prior year. Profitability in the second half will be supported by cost benefits from the finalization of the GANO projects in Switzerland and the UK, the integration of Süd-Chemie, as well as by additional sales from new production capacities in growing segments.
Clariant expects further sales growth in local currencies and a sustained profitability for the full-year 2012 compared to last year, assuming the global economy stabilizes at current levels in the remainder of the year.
Further, the company said separately that it has signed an agreement to acquire the remaining 40 percent share of a joint venture between the Holding company Alvigo AS, based in Tallin/Estonia and Süd-Chemie AG, in the meantime acquired by Clariant AG.
The Süd-Chemie Alvigo Catalysts GmbH (SCAC) is a leading producer of syngas catalyst, based in the Ukraine. The signing of the transaction took place at the end of June. The purchase price has not been disclosed.
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