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Straumann profit slumps on Japan quake charge

from Reuters

Swiss dental implant maker Straumann's net profit slumped 53 percent in the first half, as the group took a writedown on its Japanese unit following the earthquake there in March. Straumann said it had taken a 40 million Swiss franc ($51 million) impairment charge related to its acquisition of a Japanese distributor in 2007. The group said it had to revalue the intangible assets after the quake and tsunami dented consumer confidence, weakening prospects for dental market growth in coming years. That charge and the strong franc dragged the group's net profit down to 38.5 million Swiss francs ($49.39 million), trailing the average estimate of 62 million ($79.54 million) in a Reuters poll of analysts. more


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