Ciba bucks trend with increased profits
Ciba Specialty Chemicals first-half net profit rose to SFr224 million ($150 million), up one per cent on the same period last year.
The company, one of the world’s largest specialty chemicals groups, said sales were pushed down five per cent to SFr3.68 billion by a strong Swiss franc.
Cost cutting measures combined with improved sales helped the company’s results, according to a statement released by the company.
Ciba, one of the world’s largest specialty chemicals groups, said sales were pushed down five per cent to SFr3.68 billion by a strong Swiss franc.
“After last year’s restructuring measures, we are in good shape,” said Chief Financial Officer, Michael Jacobi.
The Basel-based company said it expected sales and profits to rise for the full year, “in spite of risk factors such as the impact of weak stock markets on consumer confidence” and assuming no worsening of currency exchange rates.
In early trading in Zurich, Ciba shares were up three per cent on the news.
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