Ciba beats expectations
Ciba Specialty Chemicals has exceeded analysts' expectations by reporting a 78 per cent jump in net profits for the first half of the year.
Net profit rose to SFr215 million ($125 million). Analysts had anticipated a figure close to SFr200 million.
Sales increased by 14 per cent to SFr4 billion. The company says it expects continued but more moderate growth for the rest of the year.
“Current trends and forecasts for the development of both the global economy and our end-user markets call for continued growth in the second half of 2000 [but] at a somewhat more moderate rate than… in the first half,” said a company statement.
The figures led Ciba to up its forecast for earnings per share. The company’s chief financial officer, Michael Jacobi, said earnings per share for the current year should rise to around SFr5.7 to SFr6.
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