Syngenta posts drop in profits of 7% for first half of 2016
Syngenta, the Swiss agribusiness that produces agrochemicals and seeds, has posted a drop in profits at actual rates of 7% for the first half of 2016.
Sales in the company stood at $7.1 billion for the first half of the year, with sales of new products up 73%.
Net income at Syngenta for the first half of the year was down 13% to $1.064 billion while earnings before interest, taxes, depreciation and amortisation (EBITDA) was down 12% at $1.8 billion.
Earnings per share at Syngenta stood at $12.69/share, a decrease of 14% on the first half of 2015.
Erik Fyrwald, Chief Executive Officer with Syngenta, has said that in the short-term, the industry continues to experience tough market conditions, with low commodity prices and economic and currency challenges.
“I am pleased that we took early action to improve operating efficiency with the Accelerating Operational Leverage program, which this year is again expected to deliver savings ahead of target.
“The transaction with ChemChina will ensure continuing choice for growers at a time of industry consolidation.
“We are having constructive discussions with all regulatory authorities which reinforce our confidence in closing the transaction by the end of the year.
“ChemChina’s long-term commitment to the business will underpin our ongoing investment in innovation, so that growers will continue to benefit from our broad technology platforms for decades to come,” he said.