Categories: Business

LANXESS registers strong growth in first quarter of 2020 despite Coronavirus crisis

Photo: GOOGLE

LANXESS Robust in First Quarter of 2020 despite Coronavirus Crisis

new Delhi. Lancs, a specialty chemicals company, achieved strong economic growth in the first quarter of 2020 despite the weak economic environment created by the corono virus epidemic. Its earnings grew positively in the new Consumer Protection segment and Specialty Additives segment. In contrast, the drop in demand from the automotive industry as a result of the coronovirus crisis left a negative impact on earnings, particularly in the engineering material segment.

The company's EBITDA pre-exemptions fell 9.9 percent to Euro 24.5 million in the first quarter of 2020 from 27.2 million euros. EBITDA margin pre-acceptance was 15.7 percent in the prior year quarter, this time at 14.4 percent.

Sales of the group stood at 1.704 billion euros in the first quarter of 2020, slightly lower than the previous year's figure of 1.738 billion euros. Net income from continuing operations declined by 27.6 percent. This was 6.3 million euros as against 88 million euros. Matthias Jashart, chairman of Lancs AG's board of management, said that we have been able to control the economic impacts of the corono virus epidemic so far, mainly due to our balanced portfolio. We know that we have not yet reached the peak of the crisis. However, we feel well prepared, as our position is strong and stable and we have taken comprehensive measures for crisis management.

He further said that the most important thing is that our workers are generally healthy and our plants are running. Lancs anticipates that the effects of the corono virus epidemic will deepen in the second and third quarters. Based on the information currently available, the company expects EBITDA pre-exemptions for the second quarter to be between 20.0 million euros to 25.0 million euros.

This post was published on July 17, 2020 9:33 am

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