Specialty chemicals company Lanxess Ag (LNXSF.PK) posted lower earnings for the first quarter, due to a weak market environment, particularly in the tire and automotive industries.
The group's net earnings fell to 25 million euros from the last year's restated 192 million euros.
EBITDA pre exceptionals slid nearly 53 percent 174 million euros from 369 million euros last year. The Group's EBITDA margin fell to 8.3 percent from 15.5 percent.
Sales for the first quarter were down by 12 percent to 2.1 billion euros, mainly due to lower volumes and fallen selling prices.
Looking ahead, the company said it now anticipates EBITDA pre exceptionals of below 1 billion euros for the full year 2013 and confirms its mid-term EBITDA targets of 1.4 billion euros and 1.8 billion euros for 2014 and 2018, respectively.
LANXESS said it is reducing its capital expenditure budget for 2013 to 600 million euros from the previously planned level of 650 million - 700 million euros.
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