Pharma Industry
Industry: Email Alert RSS FeedCiba first quarter results hurt by currency impact. (News: Europe).(Ciba Specialty Chemicals Holding Inc.)(Brief Article)
Chemical Market Reporter, April, 2003
CIBA Specialty Chemicals increased first quarter sales (in local currencies) in all five of its segments, and operating profit increased in four segments. But, due to a sharp appreciation of the Swiss franc over the past year, particularly against the US dollar, total sales in Swiss francs fell by 7 percent to SFr1.7 billion ($1.2 billion) and earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 14 percent to SFr 259 million.
"Market conditions were very volatile over the course of the quarter, marked by different demand patterns among particular end-user markets, resulting in sizeable swings in EBITDA margins among specific segments," Ciba says. Among the best performing segments were coating effects, which raised...
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