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Sika posts 21.8 percent increase in profit for 2016
February 24, 2017 / 4:35 AM / 7 months ago

Sika posts 21.8 percent increase in profit for 2016

Feb 23 (Reuters) - Speciality chemicals maker Sika, which remains locked in a bitter takeover battle with France’s Saint-Gobain, on Friday posted a 21.8 increase in net profit for 2016.

Switzerland-based Sika said net profit rose to 566.6 million francs, beating a forecast of 558 million francs in a Reuters poll.

The company, which had already previously reported a 5.6 percent rise in revenue in local currencies to 5.75 billion francs, said it plans to increase sales by 6 to 8 percent to an initial figure of 6 billion francs in 2017. (Reporting by John Revill in Zurich and Vishal Sridhar in Bengaluru; Editing by Sunil Nair)

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