Clariant Turns To Profit In H1; Sees Negative Impact Of COVID-19 On Q3 Results

Specialty chemicals company Clariant AG (CLZNY.PK,CRN.L,CLZNF.PK) reported Thursday that its first-half net income was 90 million Swiss francs, compared to net loss of 101 million francs in the year-ago period.

Net income from continuing operations was 75 million francs, compared to net loss of 133 million francs a year ago. Basic earnings per share were 0.19 francs per share, compared to loss of 0.43 francs per share.

The year-ago period's results included a 231 million francs provision for the competition law investigation by the European Commission.

Adjusted earnings were 0.31 francs per share, compared to adjusted earnings of 0.41 francs per share last year.

EBITDA surged to 292 million francs from 102 million francs last year. However, EBITDA before exceptional items declined to 309 million francs from 355 million francs last year.

Sales from continuing operations declined 13 percent to 1.95 billion francs from 2.23 billion francs last year. Sales decreased 5 percent in local currency.

Looking ahead, Clariant said it anticipates a continued negative impact on sales and profitability from the COVID-19 pandemic in the third quarter of 2020.

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