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Syngenta H1 Profit, Sales Down

Agriculture company Syngenta AG (SYT) Friday reported lower net income for the first half, reflecting higher impairments. Sales for the half year slid 2 percent.

For the first half, net income fell to $798 million from last year's $1.20 billion, including higher impairments partly from the closure of a production site. Excluding restructuring, net income was down 6 percent.

EBITDA for the period totaled $1.5 billion, 15 percent lower than last year. EBITDA was down 8 percent at constant exchange rates, adjusted for the impact of divestments. This reflected the difficult weather conditions in the US and higher raw material costs in China.

The Group's net sales for the half year slid 2 percent to $6.8 billion. Sales were down 1 percent, adjusted for the impact of divestments and lower royalty income under change of control clause.

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