Abstract
For the first three months of 2003, Ciba Specialty Chemicals maintained its net income in Swiss francs at CHF108 million, the same level as the first quarter of 2002, despite negative currency effects and volatile market conditions. Compared to the preceding fourth quarter of 2002 results improved, the company reports. Overall, sales increased 5% in local currencies during the first quarter of 2003, while volume growth was 8%. Sales growth was strongest in the Asia-Pacific. During the period, the Swiss franc appreciated sharply against most major trading currencies resulting in sales in Swiss francs being 7% lower at CHF 1.678 billion than the same period last year. Compared to the first quarter of 2002, operating income in local currencies rose 17% and EBITDA was 11% higher. This is a short news story only. Visit www.adcomp.com.com for the latest additives and compounding industry news.
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