Linde, the world's largest industrial-gas producer, reported fourth-quarter profit that missed analyst estimates as a stronger euro held back sales growth.

Earnings before interest, taxes, depreciation and amortisation fell 3.6 per cent to €970 million, Linde said yesterday. Sales slipped 4.1 per cent to €4.2 billion.

"Conditions have been unfavourable and exchange rate effects have had an adverse impact on our growth," chief executive Wolfgang Reitzle said in a statement.

Mr Reitzle (65) said he’s budgeting for a “moderate improvement” in operating profit this year as he prepares to retire in May and end an 11-year term at the company in which he focused a once-diversified company on industrial gases, tripling the share price in the process. – ( Bloomberg )