July 25, 2011 

Syngenta's posts 14% increase in H1 net profit

Syngenta's first-half net profit for 2011 increased by 14% on-year to US$1.43 billion, with sales posting a similar increase.

"In the first half of 2011, growers in the Northern hemisphere faced familiar challenges, with unfavourable weather and volatile crop prices.  However, tight grain supply in a context of growing demand meant that the overall level of crop prices was high, encouraging increased investment in technology," said Mike Mack, Chief Executive Officer.

"Our sales showed sustained volume momentum in all regions and were, in addition, driven by the breadth of our portfolio and our strong emerging market presence.  An improved price environment for Crop Protection was reflected in stable pricing in the second quarter.  In Seeds, strong growth across crops and the further enhancement of our US corn portfolio resulted in a substantial improvement in profitability," Mack said.

Total sales for the January to June period were US$7.70 billion, compared with sales of US$6.74 billion in the same period of 2010, the company said in a statement.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) in the first half of 2011 grew by 12% on-year to US$2.15 billion.