Ciba sees double-digit growth
Basel-based Ciba Specialty Chemicals expects double-digit profit growth in 2000, following a 65 per cent increase in net profit over the first nine months of the year.
The company reported on Tuesday that net profit rose to SFr329 million ($185 million). The strong earnings came on sales of nearly SFr6 billion, an increase of 12 per cent in Swiss francs and five per cent in local currencies.
The company said in a statement that sales increased in all divisions and in all regions of the world.
Ciba said its profit growth reflected a solid sales performance and its ability to offset sharp increases in raw material prices by shifting its source of suppliers from one hemisphere to another.
"We continue to anticipate only a two to three per cent increase in raw material prices for the full year," it said.
These are the first quarterly results that Ciba has issued to the public. Chief Financial Officer, Michael Jacobi, said this showed a commitment to openness and transparency in financial reporting.
"This publication marks a significant improvement in our reporting to shareholders and will be our standard practice in the future," Jacobi explained.
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