Swiss Syngenta 2010 net profit down 1% to $1.4bn on strong franc

09 February 2011 07:20  [Source: ICIS news]

SINGAPORE (ICIS)--Syngenta posted a full-year 2010 net income of $1.4bn (€1.02bn), down by 1% from 2009, partly because of the appreciation of the Swiss franc in the second half of the year, the Switzerland-based company said on Wednesday.

Sales for 2010 rose by 6% year on year to $11.6bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 3% to $2.51bn, the agrochemical group said in a statement.

The effect of currency movements and hedging on EBITDA was broadly neutral in 2010, it said.

However, a favourable impact in the first half of the year was offset during the second half because of the appreciation of the Swiss franc, the company said.

Sales at its crop protection business grew by 3% year on year to $8.9bn, with higher volume growth offsetting prices, which dropped by 6% in 2010, it said.

“Volume growth accelerated from the second quarter, with a strong Latin American season and an excellent performance in Asia Pacific boosting sales in the second half of the year,” the statement said.

The sales volume of the crop protection business grew by 9% year on year in 2010, it added.

Meanwhile, sales from its seeds business in 2010 increased by 8% year on year to $2.8bn, on the back of an 8% growth in sales volumes, the company said.

Sales volumes expanded across all regions and product lines, the company said.

“As we enter 2011, we expect market share growth and expansion in emerging markets to support volume momentum,” said Syngenta CEO Mike Mack.

($1 = €0.73)

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By: Nurluqman Suratman

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