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EMS Group profits, sales fall on COVID-19 impact

August 25/2020

MOSCOW (MRC) -- EMS Group (Domat, Switzerland), a producer of high-performance polymers and specialty chemicals, reports first-half 2020 results that deviate slightly from the provisional results it announced in July, according to Chemweek.

The company says net income declined 27.8% year on year (YOY) to 192 million Swiss francs (USD211 million) on sales that fell 26.8% YOY to SFr845 million. EBITDA and EBIT also went down 26.4% and 28.2%, to SFr254 million and SFr227 million, respectively.

Sales in the company's high-performance polymers division were 27.1% lower YOY at SFr741 million, with EBIT down 28.6% to SFr200 million. The specialty chemicals division recorded a 24.6% YOY drop in sales to SFr104 million, with EBIT of SFr27 million, 25% less than the prior-year period. The companys net liquidity increased by SFr167 million, or 24% YOY, to SFr863 million, it says.

EMS expects the impact of COVID-19 to last throughout 2020 and says that, depending on the respective epidemiologic and financial state measures, it is possible that sudden and selective periods of growth or slumps will occur and that these may be accompanied by currency shifts. As a result, EMS continues to expect EBIT for 2020 to be less than in 2019, it says.

As MRC reported earlier, Merck KGaA says it plans to build an EUR18-million (USD20.6 million) laboratory facility at Buchs, Switzerland, to support its rapidly growing reference materials business. The facility will include laboratory and office space in a three-story, 1,125-square-meter building, Merck says. Completion of construction is scheduled for December 2021 and the move to the facility is planned for early 2022, the company says. Merck anticipates that about two dozen jobs will be created.

We remind that after the May fall in June, Russia"s output of products from polymers rose by 16.9% due to the easing of quarantine restrictions and seasonally stronger demand. However, this figure increased by 1.3% year on year in the first six months of 2020.
Author:Margaret Volkova
Tags:PVC, PP, PS, PE, PET-granulate, profile extrusion, petrochemistry, profiles, EMS Group, Merck, Russia, Switzerland.
Category:General News
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