Syngenta reports half-year profits down
Swiss agrochemicals group Syngenta reports lower-than-expected net profits of CHF 1.481 billion.Basel -- Swiss agrochemicals group Syngenta reported lower-than-expected half-yearly net profits Friday, down nine percent to USD 1.385 billion (CHF 1.481 billion, EUR 978 million) on the same period in 2008.
Analysts consulted by the financial agency AWP had expected, on average, profits of USD 1.5 billion.
Sales over the same period also came in nine percent down at USD 6.655 billion, the group reported.
Over the medium term however, Syngenta confirmed it was still on course to record earnings before interest, taxes, depreciation, and debt payoffs of 15 percent for the business in 2011.
Chief executive Mike Mack said, "We continue to make significant investments in order to secure the long term growth of our business," noting research and development as a key commitment.
AFP / Expatica