Bausch & Lomb said yesterday that third-quarter profits slumped as competition eroded sales of its contact lenses and lens-care products.

The New York-based company, which employs more than 1,600 people in Waterford, reported earnings before special items of $16 million (€17.7 million), or 30 US cents per share, topping the consensus Wall Street estimate of 23 cents.

Europe was the bright spot for the company with a 29 per cent rise in sales and a strong performance by the SoftLens 66 product manufactured in Waterford.