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Sika AG H1 Profit, Sales Down

Swiss specialty chemicals company Sika AG (SXYAY.PK,SKFOF.PK) Thursday reported a decline in net profit after taxes for the half year, as sales slid more than 3 percent year-on-year.

The group's net profit after taxes slid by 16.7 percent to 275.6 million Swiss francs, and earnings per share declined by 16.6 percent to 1.76 francs.

Operating profit or EBIT for the period decreased by 14.8 percent to 410.2 million francs, and operating profit before depreciation or EBITDA slid by 4.8 percent to 593.6 million francs.

Sika's sales for the first half decreased by 3.2 percent to 3.614 billion francs. Sales were up 2.9 percent in local currencies.

Looking ahead, Sika said it expects an over-proportional EBIT increase for the second half of the year. In addition, the Group confirmed its strategic targets 2023, despite the crisis due to coronavirus outbreak and its impact on business operations.

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