Swiss specialty chemicals company EMS Chemie's 2005 first-half sales rose 8.7 percent to 633 million Swiss francs ($492.6 million), from a restated 583 million francs a year earlier, the firm said on Friday. Earnings before interest and tax (EBIT) rose 3.5 percent to 103 million francs from a restated 100 million in the first half of 2004.
"The underproportional increase of the result compared to sales is due to the strong rise in raw materials prices and the unfavourable currency situation in dollar-denominated regions," the company said in a statement.
EMS, whose main business is performance polymers, reiterated that it expects 2005 full-year sales and EBIT to be slightly higher than last year.
In a poll of five analysts, first-half sales - stripped of figures from Dottikon ES, which was floated on the Swiss exchange at the end of March, and Inventa-Fischer, sold last year - had been seen at 624 million francs. EBIT had been expected to come in higher at 115.7 million francs.
The company restated its figures for the first half of 2004 on Friday to reflect the stripped-out items. EMS Chemie sold Dottikon through a 1-for-20 rights issue in order to streamline its business activities, and the shares debuted on the Swiss market on March 31.
EMS shares closed at 109.60 Swiss francs on Thursday and are due to begin trading again at 0700 GMT.
Dottikon, which produces fine chemical intermediates and active substances used in drugs and plant protection, closed at 221 Swiss francs on Thursday.
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