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Lanxess Q2 Profit Drops

Specialty chemicals company Lanxess AG (LNXSF.PK) reported that its second-quarter net income dropped to 100 million euros from 798 million euros last year.

Net income from continuing operations was 77 million euros, down from 803 million euros in the prior year. In the prior year result, a substantial level of extraordinary proceeds had been generated from the sale of the stake in chemical park operator Currenta.

Group sales for the second quarter rose significantly by 27.5 percent to 1.831 billion euros from 1.436 billion euros in the previous year.

The company has again raised its guidance for the full year 2021. The specialty chemicals company now expects EBITDA pre exceptionals to be between 1 billion euros and 1.05 billion euros compared to the prior outlook of 950 million euros - 1 billion euros.

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