3Q08 Results: Ciba report 8% drop in profit.

With the acquisition of Ciba by BASF seemingly on track with only the regulators now in the way, Ciba's results now become of little interest.  They posted a drop in profits of 8% which was better than the 15% they predicted.  

Sales of the Water & Paper Treatment Division were CHF 1,829 mio (-5% but +2% in local currencies).  Local currency growth was mainly driven by Asia and the USA as Europe continued to decline.  Profitability was lower than the same period last year, with EBIT at CHF 64 mio compared to CHF 80 mio in 2007.  Raw materials and the lag in increasing prices was blamed.

Ciba's shares rose slightly to CHF 49.30 which is not far from BASF's offer of CHF 50.00.