Growth adversely affected by Swiss franc appreciation
Clariant has announced ‘robust’ results for the second quarter of 2011. Sales reached CFH1.870bn for the period, compared to CHF1.894bn in the previous year. The 1% year on year drop in sales has been attributed to the appreciation of the Swiss franc against most major currencies. Sales for the recently purchased Süd-Chemie were more positive however, growing 14% to CHR 216m for the period.
The company’s Business Unit Additives, Industrial & Consumer Specialities and Oil & Mining Services saw double digit growth in local currency sales, while there was a more mixed result in geographical markets. Double digit growth was recorded in local currencies in Asia, Europe, North America and the Middle East, with lower sales in Latin America.
“In the first half of 2010, business fundamentals were robust although global economic growth dampened compared to 2010,” commented ceo, Hariolf Koffmann. “The results have been adversely impacted by the massive appreciation of the Swiss franc. The recently acquired Süd-Chemie has met our expectations in the first two months of consolidation and the integration into Clariant is progressing as planned. These developments give us confidence to confirm our targets for the full year 2011.”