Clariant hit with fewer sales caused by global pandemic
Clariant has announced that its first quarter operation sales of CHF1.02 billion (€964 million) were lower than the CHF1.16 billion (€1.1 billion) revenues in the same period of 2019.
The company was confronted by a lower demand environment in the first quarter of 2020 amid the Covid-19 pandemic and a mild winter season.
Efforts to minimise the impact of the pandemic were fully in place based on a strong balance sheet and liquidity position, the company said in a statement.
On a regional basis, Clariant said that sales development in Asia was robust with a reported contraction in a low single digit range despite the pandemic’s impact in China. Sales in the Middle East, Africa and Latin America increased the most strongly.
Sales in the US decreased slightly while Europe weakened significantly due to a substantially softer aviation business, which was related to the mild weather conditions.
Hariolf Kottmann, Clariant’s interim executive chairman, said: “In the first quarter of 2020, Clariant, together with the rest of the industry was confronted with an unprecedented economic environment. However, our solid quarterly margin reflects the group’s attractive portfolio of resilient businesses, which maintained last year’s profitability level despite the particularly difficult and uncertain environment.
“We will continue to put all our efforts into mitigating the effects of this pandemic and in protecting the safety of our employees. Clariant’s transformation programme will remain in full progress.”
The company was confronted by a lower demand environment in the first quarter of 2020 amid the Covid-19 pandemic and a mild winter season.
Efforts to minimise the impact of the pandemic were fully in place based on a strong balance sheet and liquidity position, the company said in a statement.
On a regional basis, Clariant said that sales development in Asia was robust with a reported contraction in a low single digit range despite the pandemic’s impact in China. Sales in the Middle East, Africa and Latin America increased the most strongly.
Sales in the US decreased slightly while Europe weakened significantly due to a substantially softer aviation business, which was related to the mild weather conditions.
Hariolf Kottmann, Clariant’s interim executive chairman, said: “In the first quarter of 2020, Clariant, together with the rest of the industry was confronted with an unprecedented economic environment. However, our solid quarterly margin reflects the group’s attractive portfolio of resilient businesses, which maintained last year’s profitability level despite the particularly difficult and uncertain environment.
“We will continue to put all our efforts into mitigating the effects of this pandemic and in protecting the safety of our employees. Clariant’s transformation programme will remain in full progress.”
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