Swiss chemicals maker Clariant misses profit estimates

Swiss specialty chemicals maker Clariant missed first-quarter profit expectations on Friday as customers cut inventories and demand softened in some business areas, reports Reuters.

The company, which has increased its prices by 7 per cent year-on-year and by 2 per cent since the fourth quarter, said the hikes were not enough to fully offset weaker sales volumes.

Clariant warned this year that a soft recession in the first half of the year and one-off payments would weigh on annual sales as it, like many European chemicals firms, grappled with cost inflation.

The group said input costs eased in the first quarter from the prior one.