Kemira reports its half year results; profitability below prior-year level

Kemira has reported solid revenue growth but profitability below prior-year level in it half year results.

In its second quarter results, revenue increased 5% to €617.2m while operative EBITDA decreased 2% to €77.1m due to higher variable costs.

For the six months from January-June, revenue increased 5% to €1,227.3m while operative EBITDA decreased 4% to €146.1m.

President and chief executive Jari Rosendal said: “In the second quarter, revenue growth continued. Organic revenue growth was 4%, which is a good achievement. Profitability was below the prior-year level due to higher variable costs.”

In its Pulp & Paper division, sales volumes continued to grow. Rosendal said: “We lost revenue due to force majeure at Huntsman (now Venator) in Pori, Finland, but the underlying revenue generation is developing according to plan.

“A major contract manufacturing agreement with AkzoNobel in China ended during Q2, and the two remaining ones in Europe will end in Q3 and Q4 leading to a step-up in synergies in the second half of the year.”

Industry & Water generated organic growth of 9% driven by strong sales volume.

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