Ciba's Textile Effects see good growth in chemicals business, Q3
07 Nov '05
4 min read
Chemical manufacturer Ciba Specialty Chemicals presented the third quarter results for 2005.
Armin Meyer, Chairman of the Board and CEO commented that they have made progress in the third quarter, especially in profitability. The focus on profitable growth, along with firm cost and current asset management is showing results, and they are well on track with savings from Project Shape.
On the other hand, industry demand is still showing a mixed picture and raw material costs are significantly higher. They are expecting this pattern to continue over the coming months, so the rest of the year will remain demanding.
Nine month results overview
Sales for the nine months were CHF 5.5 billion, up 5 percent in Swiss francs and 6 percent in local currencies from the same period in 2004. Sales prices were increased 2 percent over the same period in 2004 and volumes were 4 percent higher. Included within these figures is an acquisition effect of approximately 5 percent relating to Raisio Chemicals. The overall currency effect was minus 1 percent.
Asia continues to drive growth, particularly in mainland China and India. Sales in the NAFTA were about flat, reflecting particularly the weaker demand from the automotive industry and the negative development of the Textile industry in NAFTA, while South America showed good growth. Europe was up 7 percent in both Swiss francs and local currencies. This increase was driven mainly by acquisition effects, while the underlying demand levels were very mixed.
marketing@alchempro.com
