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Ciba back in the black

The specialty chemicals group, Ciba, has announced a return to profit. The Basel-based group has recorded a profit of SFr325 million for 1999, compared to a loss of SFr739 million in 1998.

This content was published on February 23, 2000 - 09:49

The specialty chemicals group, Ciba, has announced a return to profit. The Basel-based group has recorded a profit of SFr325 million for 1999, compared to a loss of SFr739 million in 1998.

Turnover was also up, increasing seven per cent to nearly SFr9 billion for last year.

The final figures are better than the market forecast. Analysts had been expecting Ciba to reveal profits of around SFr302 million.

"It comes as a result of the restructuring, that's now bringing benefits on the cost side," said Ciba's chief financial officer, Michael Jakobi.

"We expect good sales growth, above the market forecast, and a clear improvement in profitability in 2000," added Jakobi.

The company reports that all of its markets are improving,and that the decline in the textile market is bottoming out. In 1998, Ciba suffered losses due to restructuring charges.

By Tom O'Brien

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