Ciba Specialty Chemicals resists challenging environment

Ciba Specialty Chemicals Inc. increased its sales, operating profits and EBITDA during the first half of 2003 in local currencies, each by 2% compared to the same period of last year. Four of its five business segments equaled or increased sales in local currencies compared to the first half of 2002. These results were achieved despite the expected continued volatility in global markets.

Both the Swiss franc and the euro strengthened considerably against most major trading currencies during the first half, particularly against the US dollar. In addition, the results are compared to peak periods in 2002. This led to lower first half results in Swiss francs for sales (CHF 3,379 …