Sika Finance lifts profits
Net income at Sika Finance rose 12.9 per cent over 2000 coming in at SFr104.6 million ($60.8 million). Sales were up 18.3 per cent at SFr1.998 billion.
The Swiss-based company, which makes chemicals for the construction industry along with industrial materials for the building sector, said it was raising its dividend to 23 per cent from 21 per cent of its nominal share value. Bearer shares carry a nominal value of SFr60 and registered shares SFr10.
“Thanks to our worldwide market presence, comprehensive product range and the support of strong subsidiaries, we are expecting to see sustained internal growth… notwithstanding the economic slowdown,” Sika said in a statement.
The company also pointed that sales in the first quarter were up 17.4 per cent in local currencies, which it said was in line with expectations.
Sika had warned in November that its operating income was running below market expectations and had indicated that sales for 2000 would be above SFr2 billion.
Earnings before interest and taxes for 2000 rose to SFr160 million from SFr150 million.
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