CSL hopes for big profit
Wednesday, 15 October, 2008
CSL Group [ASX: CSL] had a strong showing this year and is expecting more prosperity ahead, predicting a net profit of at least $810 million.
This year, the company recorded profits of $702 million, itself a 30 per cent increase over last year's results.
But the company chairman has warned investors the unstable global financial climate could have a significant effect on profits.
According to CSL estimates, if Monday's currency rates were to apply for the rest of the year, net profit would be closer to $1 billion, but the extreme market fluctuations make that a very uncertain prospect.
The acquisition of Talecris Biotherapeutics – stalled again on Monday by US regulators demanding more information – is expected to bolster next year's profits. CSL reached an agreement in August to acquire the plasma-derived therapy manufacturers for US$3.1 billion.
Talecris' operations will be integrated with the CSL Behring Group manufacturing arm. The combined entity is predicting profits of around $225 million per year.
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