Chennai: Specialty chemicals company Lanxess has said in the second quarter of 2020, it recorded a significant impact on its business results from the coronavirus pandemic.
“EBITDA pre exceptionals fell by 20.3 percent from EUR 281 million to EUR 224 million. Earnings were thus at the midpoint of the range of between EUR 200 million and EUR 250 million that was forecast in May,” it said in a statement.
It added: The EBITDA margin pre exceptionals was almost stable at 15.6 percent, against 16.3 percent in the prior-year quarter.
“As expected, after the huge slump in the global economy we felt the effects of the coronavirus crisis much more strongly in the second quarter than in the first three months of the year. However, our stable positioning, strong liquidity, and high cost discipline are continuing to get Lanxess through this challenging time well,” said Matthias Zachert, chairman of the board of management of Lanxess AG.