Lanxess Q4 core profit slightly ahead of expectations

[COLOGNE] Lanxess, the world's largest synthetic-rubber maker, on Thursday reported slightly better-than expected fourth-quarter core earnings helped by cost cuts and lower petrochemical raw material prices.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) eased by 1.9 per cent to 151 million euros (S$231 million) in the fourth quarter, slightly above the average expectation of 149 million euros in a Reuters poll.

Lanxess said it had a good start to the year and expects 2016 adjusted EBITDA of between 880 million euros and 930 million euros.

Nine analysts polled by Reuters on average expect adjusted EBITDA of 933 million euros with individual estimates ranging from 892 million euros to 987 million.

The company, which was spun off from Bayer 10 years ago, proposed a 2015 dividend of 0.60 euros per share, a 20 per cent rise from last year.

REUTERS