ZURICH, April 30 (Reuters) - Swiss specialty chemicals firm Clariant said first-quarter net income from continuing operations more than doubled to 38 million Swiss francs ($40.56 million)as a restructuring started to bear fruit.
The company, which sold three of its lower-margin cyclical units late last year, is looking to streamline further with the sale of leather, detergents and intermediates businesses.
“The repositioning of the portfolio in 2011 and 2012 has brought Clariant to a sustainably higher level of profitability and net income,” the company said in a statement.
Clariant, which has seen declines in Europe’s economies squeeze margins in cyclical businesses such as additives, said it expected to continue to improve profitability in 2013 despite a continued “soft” environment and confirmed its 2015 targets.
$1 = 0.9368 Swiss francs Reporting by Emma Thomasson