Switzerland’s Syngenta H1 net profit rises 5%, sales up 7%

26 July 2012 07:07  [Source: ICIS news]

SINGAPORE (ICIS)--Syngenta posted a 5% year-on-year increase in the first-half net profit to $1.50bn (€1.23bn), backed by a 7% rise in sales, the Swiss agrochemicals firm said on Thursday.

Sales for the January-June period stood at $8.27bn, with earnings before interest, tax, depreciation and amortisation (EBITDA) increasing 6% year on year to $2.27bn, it said in a statement.

“Sales were strong in the key northern hemisphere season despite a cold start in Europe followed by heavy rain in the second quarter,” the statement quoted Syngenta CEO Mike Mack as saying.

He said after a strong first half volume performance in the northern hemisphere and the achievement of targeted price increases, the focus of business will be on Latin America where the “outlook is positive given record soybean prices”.

“Currency headwinds are likely to diminish in the second half and we will realize further cost savings. For the full year, we expect an increase in EBITDA margin at constant exchange rates and substantial free cash flow generation,” he added.

($1 = €0.82)



By: Pearl Bantillo
+65 6780 4359



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