Ciba posts 20% fall in Q1 operating income

29 April 2008 07:08  [Source: ICIS news]

MUMBAI (ICIS news)--Switzerland-based Ciba has reported a 20% year-on-year drop in its first-quarter operating profits to Swiss francs (Swfr)107m ($103m/€66m) due to a negative currency impact and higher raw material costs, it said on Tuesday.

Net profit for the firm was down 51.3% to Swfr37m while sales fell 6% to Swfr1.5bn, it added.

The operating income for its plastic additives business unit fell 41.3% to Swfr51m, while sales showed a decline of 4.5% to Swfr528m on temporary production issues, Ciba said.

Operating income for the coating effects segment dropped 6.5% to Swfr57m while sales fell about 7% to Swfr438m, it added.

Looking ahead, the company expected sales in local currencies to rise over 2007 levels, it said

($1 = €0.64/$1 = Swfr1.04)

By: Aaron Rodrigues
+65 6780 4359

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