Lanxess has posted first quarter net income up to EUR53m (US$60m) compared with EUR22m last year.

Sales decreased by slightly less than 6% from EUR2bn to EUR1.9bn. This resulted particularly from the adjustment in selling prices to reflect lower raw material prices, says the supplier.

“We started fiscal 2016 with a good first quarter and the second quarter has begun well,” said board chairman, Matthias Zachert. “For this reason, we are raising our guidance for the full year.”

EBITDA pre-exceptionals climbed by around 14% in the first quarter of 2016 to EUR262m, compared with EUR229m million in the prior-year quarter.

The increase was largely attributable to increased volumes, higher capacity utilisation, positive currency effects and the absence of the ramp-up costs incurred in the first quarter of 2015 for the new rubber plants in Asia.

“Our good business performance shows Lanxess is becoming more stable and more profitable,” added Zachert.

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“This positive development is supporting our growth course, on which we have already made further headway also in this year.”

In April, Arlanxeo, the joint venture with Saudi Aramco for synthetic rubber, started.