Clariant preserves profitability in first nine months of year
Clariant has announced continuing operations sales of CHF $2.838 billion (€2.62 billion) in the first nine months of 2020 - compared to CHF $3.272 billion (€2.99 billion) in the first nine months of last year.
This corresponded to a decrease of 6% in local currency due to lower demand and 13% in Swiss francs attributable to unfavourable currency developments.
As a result of the COVID-19 pandemic, the group was confronted with a significantly lower demand environment in several segments in the first nine months of 2020.
In the first nine months, Asia remained resilient, with China and India reporting double-digit growth.
Sales in Latin America increased in local currency, while sales in Europe, North America and the Middle East and Africa softened due to demand declines in most Business Areas.
“Over the first nine months of 2020, we successfully upheld the profitability of our continuing operations despite an exceedingly challenging environment. Although the COVID-19 pandemic had a significant negative impact on several of Clariant’s key end markets in the third quarter, the performance resilience clearly validates the success of our strategic focus on the three core specialty Business Areas,” said Hariolf Kottmann, executive chairman ad interim of Clariant.
“The growth profile of our core portfolio remains intact despite the current economic environment and uncertain outlook. We will continue to focus on both mitigating the impact of this pandemic as well as executing our transformation program. We, therefore, continue to anticipate above-market growth, higher profitability and stronger cash generation.”
This corresponded to a decrease of 6% in local currency due to lower demand and 13% in Swiss francs attributable to unfavourable currency developments.
As a result of the COVID-19 pandemic, the group was confronted with a significantly lower demand environment in several segments in the first nine months of 2020.
In the first nine months, Asia remained resilient, with China and India reporting double-digit growth.
Sales in Latin America increased in local currency, while sales in Europe, North America and the Middle East and Africa softened due to demand declines in most Business Areas.
“Over the first nine months of 2020, we successfully upheld the profitability of our continuing operations despite an exceedingly challenging environment. Although the COVID-19 pandemic had a significant negative impact on several of Clariant’s key end markets in the third quarter, the performance resilience clearly validates the success of our strategic focus on the three core specialty Business Areas,” said Hariolf Kottmann, executive chairman ad interim of Clariant.
“The growth profile of our core portfolio remains intact despite the current economic environment and uncertain outlook. We will continue to focus on both mitigating the impact of this pandemic as well as executing our transformation program. We, therefore, continue to anticipate above-market growth, higher profitability and stronger cash generation.”
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