Specialty chemicals company Lanxess Ag (LNXSF.PK) reported that its preliminary fourth-quarter net income increased to 51 million euros from 5 million euros a year earlier. Earnings per share grew to 0.62 euros compared to 0.06 euros a year earlier.
Fourth quarter sales were flat year-on-year at 2.123 billion euros. EBITDA pre exceptionals increased by 37 percent year-on-year to 239 million euros from 174 million euros a year ago.
The company stated that the main factors supporting this result were the company's strict cost discipline and proven flexible asset management. In addition, the fourth quarter of 2011 included 35 million euros in charges for inventory devaluations.
The 2012 sales increased by 4 percent year-on-year to 9.094 billion euros, net income increased by 2 percent to 514 million euros and earnings per share rose 2 percent to 6.18 euros. EBITDA pre exceptionals were 1.225 billion euros in the business year 2012. This was an increase of 7 percent compared to 2011.
The company noted that the Soft underlying demand in the second half of 2012 has continued into 2013 across most businesses, against the usual seasonal trend. Therefore, the company plans to temporarily shut down its butyl rubber plant in Belgium and its EPDM-production in Texas, USA, in the coming weeks.
However, the company said it expects demand to pick up during the year and is strategically well positioned to benefit from the expected recovery in the global economic development.
The company added that it remains confident to achieve its mid-term earnings goals of 1.4 billion euros and 1.8 billion euros EBITDA pre exceptionals in 2014 and 2018 respectively.
The company said that it will publish its full-year earnings for 2012 on March 21, 2013.
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