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3 years ago
Sonova forecasts double-digit core profit growth this year
May 20, 2014 / 5:15 AM / 3 years ago

Sonova forecasts double-digit core profit growth this year

ZURICH, May 20 (Reuters) - Sonova, the world's largest maker of hearing aids, forecast another year of double-digit core profit growth on Tuesday as it posted full-year profit that met expectations.

The Swiss company said earnings before interest, tax and amortisation (EBITA) rose to 430.1 million Swiss francs ($482.42 million) from 183 million a year earlier, in line with analyst expectations.

Profit last year was dragged down by provisions for potential claims against faulty cochlear implants at its subsidiary Advance Bionics.

The company, which competes with Denmark's William Demant and GN Store Nord, said it expects 2014/2015 sales to grow by 7-9 percent and EBITA to increase by 11-to-15 percent in local currencies. ($1 = 0.8916 Swiss Francs) (Reporting by Caroline Copley)

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