COLOGNE—Lanxess A.G. released its preliminary unaudited financials for the fourth quarter and full-year 2013, projecting decreased sales and a net loss in both timeframes.
The firm projects a net loss of $217.4 million for 2013 compared to a net income of $694.4 for 2012. Lanxess also expects a net loss of approximately $278.9 million compared to a net income of $68.4 million for the fourth quarter.
Lanxess said it underwent impairment tests, which resulted in exceptional charges of approximately $351.3 million in the fourth quarter. It incurred a charge of $41 million in conjunction with its efficiency program that contributed to the net loss.
Lanxess also projects an 8.7 percent decline in sales for 2013 to approximately $11.4 billion and a 5.1 percent decline in fourth quarter sales to approximately $2.76 billion.
The firm said it will release its final full-year results on March 20.