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Clariant Reports Lower Third-Quarter Sales and Earnings; Embarks on More Cost Cuts
10:26 AM MST | November 4, 2009 | Natasha Alperowicz
Clariant reported third-quarter operating income before exceptional items down 40% to SF107 million ($103.7 million) on 19% lower sales at SF1.69 billion. Clariant's profit margin declined from 8.5% in the third quarter to 2008 to 6.3% in the corresponding period of this year. Net income was SF25 million compared to SF78 milion in the third quarter of 2008. CEO Hariolf Kottmann says that sales declines of more than 20% in some businesses indicate that despite a stabilitzation in demand "we are still far from a sustainable recovery." Clariant...
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