Tuesday April 29, 07:24 AM
Ciba posts weaker than expected first quarter figures
GENEVA (AFP) - Swiss chemicals company Ciba on Tuesday announced a weaker than expected first quarter, with net profits down 51 percent from the same period last year to 37 million Swiss francs (23 million euros, 36 million dollars).
The company's operating income was down 32 percent to 89 million Swiss francs from 131 million in the first quarter of last year.
Chief executive Brendan Cummins blamed changes in currency values and the rising price of raw materials, despite what he called "good underlying growth" in many of their markets.
"We are also clearly starting to feel the impact of the economic slowdown on overall sales growth," he said.
"It (Frankfurt: A0MLX5 - news) is very difficult at this stage to predict where currency exchange rates will go and how deeply we will feel the impact of the economic slowdown," he added.
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