ZURICH (Reuters) - Clariant CLN.VXsaid on Thursday that second-quarter net profit increased 75 percent thanks to a rise in sales, and it backed its full-year guidance.
The Swiss chemical firm said profit for the quarter stood at 70 million Swiss francs ($70.66 million), from 40 million francs one year ago. The figure beat estimates from analysts polled by Reuters, which averaged 68.7 million francs of profit before minorities.
“Clariant expects further sales growth in local currencies and a sustained profitability for the full-year 2012 compared to 2011, assuming the global economy stabilizes at current levels in the second half-year,” the company said in a statement.
Raw material costs are expected to increase in the low-single digit range while exchange rates should remain stable compared to the beginning of the year, the company said.
($1 = 0.9906 Swiss francs)
Reporting By Katharina Bart