Clariant Revenue Suffers On COVID-19 Hit, Sees Slight Fourth Quarter Rebound

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ZURICH: Swiss specialty chemical substances maker Clariant on Thursday predicted a slight rebound for the remainder of 2020 as cost-cutting measures assist mood the COVID-19 hit to auto, textile and oil trade shoppers that damage its third-quarter efficiency.

Third-quarter working revenue (EBITDA) slipped 16% to 127 million Swiss francs ($140 million), with the revenue margin narrowing to 14.2% from 14.5%. Gross sales slipped to 893 million francs from 1.04 billion francs within the year-earlier interval.

Income by way of September fell in all three of Clariant’s divisions — pure sources, catalysis and care chemical substances — as oil demand weakened and markets in Europe, North America and the Center East had been unstable. Clariant is trimming its workforce over the following two years to cut back prices.

“Clariant anticipates that the COVID-19 pandemic may have a continued, however barely much less unfavourable influence on gross sales and profitability within the fourth quarter of 2020 in comparison with the

third quarter,” it mentioned in a press release.

It added that the deliberate divestment of its pigments division is progressing, as it’s “making ready the rightsizing of the group.”

($1 = 0.9070 Swiss francs)

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