Economic slowdown hits EMS-Chemie Q1 sales

16 April 2008 07:01  [Source: ICIS news]

SINGAPORE (ICIS news)--EMS-Chemie posted a 3.3% year-on-year rise in its first quarter net sales on weaker foreign currencies and a slowdown in the key Europe and Asia markets, the Swiss specialty chemicals firm said on Wednesday.

The company’s net sales in the first quarter reached Swiss francs (Swfr)405m ($405m/€254.7m), it said in a statement.

However, sales in the first quarter rose 7.7% to Swfr422m after including revenue from automotive supplier EFTEC, which it took over in November last year.

Although market conditions were expected to worsen in 2008, the company said it expected its net sales and net operating income, without EFTEC, to be slightly above the previous year.

($1 = Swfr1.00/ €1 = Swfr1.59)

By: Florence Tan
+65 6780 4359

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