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(Bloomberg) -- Clariant AG reported a 10 percent rise in first-quarter profit that beat analysts’ estimates as acquisitions helped offset a dip in underlying sales to oil and mining customers.

Earnings before interest, taxes, depreciation, amortization and one-time items increased to 250 million Swiss francs ($252 million) in the first quarter, the Muttenz, Switzerland-based company said in a statement on Thursday. Analysts had predicted 229.4 million francs.

Since taking the helm in 2008, Chief Executive Officer Hariolf Kottmann has shaken up the Swiss specialty chemicals company by making acquisitions, divesting commodity chemical assets and stepping up innovation in areas such as cosmetic ingredients.Sales in the first quarter rose 9 percent to 1.602 billion francs, due to higher volumes across all business areas, the company said. Acquisitions contributed 3 percent of that sales growth.

Clariant has also focused on higher-margin plastics and coatings additives, fueling a steady rise in its profit margin over the past six years to 15.6 percent. The company confirmed its mid-term target of an Ebitda margin corridor of between 16 percent to 19 percent.

To contact the reporter on this story: Alice Baghdjian in Zurich at abaghdjian@bloomberg.net.

To contact the editors responsible for this story: Tara Patel at tpatel2@bloomberg.net, John Bowker

©2017 Bloomberg L.P.

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