SINGAPORE (ICIS)--Swiss agribusiness firm Syngenta said on Wednesday its reported sales rose by 2% year on year to $4.68bn in the first quarter, despite a drop in revenue in North America, which was hit by adverse weather conditions.
On a constant exchange rate basis, the company’s sales rose by 5% year on year, the company said in a statement.
Group sales in North America fell by 8% year on year to $1.23bn in the first quarter as prolonged cold temperatures delayed the start to the US season across the corn belt, while drought in California reduced demand for insecticides and fungicides, it said.
“For the full year, we maintain our sales growth expectation for the integrated business of 6% at constant exchange rates,” said Mike Mack, Syngenta’s CEO.
“Given the depreciation of a number of emerging market currencies in the first quarter, the impact of currencies on full year EBITDA [earnings before interest, tax, depreciation and amortisation] is likely to be around $100m compared with an earlier forecast of $50m,” he added.