Clariant: shares climb after results beat estimates

(CercleFinance.com) - Swiss specialty chemicals company Clariant announed FY 2019 sales from continuing operations that are up 3% at 4.
4 billion Swiss francs, representing organic growth of 3% in local currency.

However, the group's net profit fell to 38 million Swiss francs in the past year, a far cry from 356 million francs in 2018, due to one-off provisions, the weaker operational performance of its discontinued operations, and higher taxes.

For 2020, Clariant said that it expects its continuing businesses to outperform growth in the market, in addition to higher profitability.

Given the current sluggish economic environment and adverse foreign exchange conditions, however, growth will be lower this year, the company warned.

Clariant also said that it plans to axe approximately 500 to 600 jobs over the next two years.

The Zurich-listed share was up 4.2% after this report.

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