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FINANCIAL NEWS
3M posts 15% growth in regional business
10 Aug 2012
(MENAFN) 3M Middle East and Africa’s area vice-president, Irfan Malik, announced that during the second quarter, the company posted a 15-percent growth across its key regional markets, reported Khaleej Times.
Malik said that the company also recorded an average of 12-percent gain in other markets.
He added that net income during the quarter reached USD1.2 billion, while total-company operating income margins stood 22.9 percent and free cash flow surpassed USD1 billion.
However, sales fell 1.9 percent worldwide from a year earlier, to USD7.5 billion.
It is worth noting that 3M sales of organic local-currency went down 1.8 percent in Electro and Communications, while they declined 6.6 percent in Display and Graphics, due to weakness in the consumer electronics industry.
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