Ciba SC profits down
Ciba Specialty Chemicals has seen its net income drop eight per cent after nine months in 2001. The Basel-based firm blames the drop on a strong Swiss franc and the global economic slowdown.
The chemical specialist’s sales reached SFr5.664 billion ($3.4 billion), down five per cent from the previous year. Net profits were SFr303 million, versus SFr329 million in 2000.
Although net income dropped in Swiss francs, it rose nine per cent in local currencies. The franc’s strength and the devaluation of currencies in several developing countries accounted for the difference, Ciba said.
The company says sales were influenced by the spreading economic slowdown, a trend that started at the end of 2000 in North America and reached Europe in 2001.
Ciba SC was still expecting higher income for 2001 in August, but figures from the last three months have reversed earlier previsions. The company expects annual earnings and net income to be below 2000 levels.
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