Sales drop at Syngenta
Syngenta, the Basel-based agrochemical firm, has seen its sales drop in the first nine months of the year, compared with the same period in 2000. A weakening global economy and currency fluctuations are blamed for the lower results.
Sales through September were generally five per cent lower, reaching $5.13 billion (SFr8.53), compared with $5.61 billion last year. The sales trend for the third quarter was also less favourable than during the first six months of 2001.
The decline has affected the company’s crop protection division, with sales reaching $4.35 billion, down 6 per cent. Results in Latin America, Syngenta’s main market from July to December, have been limited, especially in Argentina.
Because of financial instability in the region, the agricultural specialist has tightened its credit policy. Herbicide sales were down in Europe, while fungicides and insecticides sold less in North America because of drought in western regions and the unfavourable US cotton market.
The seed division had better results (+1 per cent) for the first nine months in all regions except North America. Sales reached $774 million.
The results were also affected by currency variations, with turnover dropping four per cent. For the period from July to September, the problem was alleviated by a weakened dollar.
Syngenta expects yearly results to follow the same trend. The earnings margin could, however, improve by the end of 2001.
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