Sales at raw materials supplier Ciba are up 3% in Swiss francs to CHF4,946m and 2% in local currencies for the first nine month period. Operating profit was up 2% despite substantially increasd raw material costs. Asia was particularly strong with a 6% sales increase and double-digit growth in China. Sales in the Americas were relatively flat and in Europe the best growth came from Germany and Eastern Europe.
“We have made further progress with an upward trend in sales growth and improvements in our cost structure,” commented Armin Meyer, chairman of the board and ceo. “We are expecting our full year operating income margin to be higher than in 2006, however we do not expect it to reach the targeted improvement of around 1%.”
Brendan Cummins, coo added: “The operational agenda programme is making good progress in the streamlining and simplifying of our operations, and with the reduction of the cost base. The high levels of raw material costs are being counteracted with selective sales price increases and further product pruning to strengthen the portfolio.”