Sales Decline 6% At Ciba In 1995 First Half

Swiss group Ciba saw sales decline 6% to 10.9 billion Swiss francs ($9.1 billion) in the first six months of 1995. In local currency terms, Ciba's sales advanced 5%, according to the company, and taking into account the transfer of the diagnostics division to Chiron Corporation, sales advanced 7%.

First-half operating profit amounted to 2.1 billion francs, up 7% or 33% when expressed in local currency terms. Net profit was 1.5 billion francs, up 6% or 37% in local currencies.

The firm said that financial income was maintained at the 1994 level despite a reduction in liquidity in January 1995 of 1.8 billion francs in a payment for shares in Chiron of the USA. Increased financing with foreign currency debt allowed hedging of foreign assets but was also a reason for higher financing costs in the first half of 1995. Hedging largely compensated for significant adverse currency effects, and the reported charge of 68 million francs comprises primarily transaction differences in emerging market currencies.