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MOSCOW (MRC) -- Clariant Chemicals
Limited., an Indian subsidiary of specialty chemicals giant Clariant AG,
announced its results for the second quarter ended September 30, 2020, reported
Kemicalinfo.
The company reported
a net profit of Rs 191.8 crores for the period ended September 30, 2020 as
against net profit of Rs 2.7 crores for the previous quarter.
Net sales
grew 40% to Rs 180.8 crores during the period ended September 30, 2020 as
compared to Rs 129.0 crores during the previous quarter.
The company
reported a net profit of Rs 191.8 crores for the period ended September 30, 2020
as against net profit of Rs 9.2 crores for the prior-year quarter.
Net
profit grew mainly due to a gain of Rs 254.83 crore from sale of its business
unit.
Net sales decreased 4.6% to Rs 180.8 crores during the period
ended September 30, 2020 as compared to Rs 189.7 crores during the prior-year
quarter.
The company reported a net profit of Rs 194.5 crores for the 6
months period ended September 30, 2020 as against net profit of Rs 14.9 crores
for the prior-year 6 months period.
Net sales dropped 22.4% to Rs 309.8
crores during the 6 months period ended September 30, 2020 as compared to Rs
399.5 crores during the prior-year 6 months period.
In the filing,
the company said it gained Rs 254.83 crore from the sale of its business unit
Masterbatches to Polyone Polymers India Pvt Ltd in July.
Clariant
Chemicals Vice-Chairman and Managing Director Adnan Ahmad said that coming out
of a strong performance in the previous fiscal year, the COVID-19 pandemic
impacted the company’s sales during the first quarter of the current fiscal.
However, the latest quarter has already seen a good recovery.
“We look
forward to continued growth in the months ahead,” he added.
As MRC reported
before, in October 2020, Clariant (Muttenz, Switzerland) announced the
construction of a new state-of-the-art catalyst production site in China. This
project represents a significant investment which further strengthens Clariant’s
position in China and enhances its ability to support its customers in the
country’s thriving petrochemicals industry.
The new facility will be
primarily responsible for producing the Catofin catalyst for propane
dehydrogenation, which is used in the production of olefins such as propylene.
Thanks to its excellent reliability and productivity, Catofin delivers superior
annual production output compared to alternative technologies, resulting in
increased overall profitability for propylene producers, says the company.
Construction at the Dushan Port Economic Development Zone in Jiaxing, Zhejiang
Province was scheduled to commence in Q3 2020, and Clariant expects to be at
full production capacity by 2022.
Propylene is the main feedstocks for
the production of polypropylene (PP).
According to MRC's ScanPlast report,
PP shipments to the Russian market reached 880,130 tonnes in the nine months of
2020 (calculated using the formula: production minus exports plus imports,
excluding producers" inventories as of 1 January, 2020). Supply increased
exclusively of PP random copolymer.
Clariant AG is a Swiss chemical
company and a world leader in the production of specialty chemicals for the
textile, printing, mining and metallurgical industries. It is engaged in
processing crude oil products in pigments, plastics and paints. |
