On Wednesday, Croda International Plc, a speciality chemicals maker, stated its personal care unit has been significantly hit by the U.S.-China trade war as well as by new legislation introduced by China.
Croda, which counts Procter & Gamble Co, Unilever Plc and L’Oreal SA as its customers, reported a 2.7% fall in pretax profit to 166.2 million pounds for the 6 months ended June 30. Its earnings have been hit by previous investments, higher interest rates and a special dividend.
96% of Croda’s revenues as well as 80% of its production are outside of the UK.
In a statement, Croda said, it expects the performance of its personal care unit to recover gradually in Asia and remain subdued in the United States.
Ref. reuter.com
