Ciba Performs Well But Hit By Currencies

Swiss pharmaceutical and chemical group Ciba said that it has performed well in the first six months of 1994 but that currencies had a negative effect. Operating profits for the first half were ahead 19% in local currencies or 3% in Swiss francs at just over 2 billion Swiss francs ($1.55 billion). Net profits were 1.42 billion francs, flat in local currency and Swiss franc terms. Sales were 11.64 billion francs, up 3% in local currency terms and down 2% when expressed in Swiss francs.

The company said that it had a strong operational performance, but the weakening of all major currencies, except the yen, against the Swiss franc caused a negative currency effect of around 300 million francs.

In the agriculture sector conditions were said to have varied widely, and the industry sector is starting to enter into a recovery. The health care sector was said to have slowed in key markets.