Ciba Specialty Chemicals Sees Pick-Up in Demand

Ciba Specialty Chemicals Inc. announced that following an especially weak period during the fourth quarter of 2003 and the early part of 2004, there was a noticeable improvement in sales, operating income and EBITDA towards the end of the first quarter of 2004.

Sales in the first quarter of 2004 totaled CHF 1,671 million, flat in Swiss francs and 1% lower in local currencies than the first quarter of 2003 (CHF 1,678 million). Gross profits (CHF 555 million, 33.2% of sales) were higher in both Swiss francs and local currencies than the first quarter of last year (CHF 545 million, 32.5%). Also, both operating income (CHF 170 million, 10.2% of sales) and EBITDA (CHF 261 million, 15.6% …