Source AP ©

Ciba Specialty Chemicals AG incurs losses in 3rd quarter

Third-quarter net profit of Ciba Specialty Chemicals AG fell 35 percent due to restructuring and tax charges.

Net earnings for the July-September quarter dropped to 50 million Swiss francs (US$43.6 million; 30.1 million EUR), compared with 77 million francs for the same period last year.

Sales, however, rose 4 percent to 1.64 billion francs (US$1.43 billion; 985 million EUR).

The Basel-based company - which makes chemicals to enhance plastics, paper, automobiles, buildings and other products - said its planned improvement in operating income margin of 1 percent before restructuring would likely not be met this year due to high raw material costs.

Ciba shares rose 0.3 percent to close at 55.85 francs (US$48.79; 33.54 EUR) in Zurich.